Bed Bath & Beyond has tapped Walgreens' Chief Merchandising Officer Joe Hartsig to become its chief merchant, CNBC has learned, reporting to Chief Executive Mark Tritton.
"The opportunity to help rebuild an iconic brand like Bed Bath & Beyond was too good to miss," Hartsig said in a statement.it was cutting about 500 jobs, or 10% of its corporate workforce, as part of a larger restructuring plan in a bid to trim expenses. It said it expects to reduce expenses by roughly $85 million annually, as a result of this plan. It says it plans to trim several hundred million dollars in costs over the longer term.
on store remodels and supply chain upgrades, along with about $600 million this fiscal year on share repurchases and debt reduction. Tritton, who became CEO in November, has said he is focused on fixing Bed Bath & Beyond's stores, with a focus on baby, home and beauty. Some of the company's other banners include Christmas Tree Shops, World Market and buybuy Baby.
Bed Bath & Beyond also announced a deal in February to sell its PersonalizationMall.com business, known for selling gifts for special occasions and holidays, toBed Bath & Beyond shares are down more than 40% over the past 12 months. The company has a market cap of about $1.23 billion.
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