Bed Bath & Beyond will lay off more employees in an attempt to reduce costs, the company said, a week after announcing it was exploring options including bankruptcy
A person exits a Bed Bath & Beyond store in Manhattan, New York City, U.S., June 29, 2022. REUTERS/Andrew Kellywill lay off more employees in an attempt to reduce costs, the company said on Tuesday, a week after announcing it was exploring options including bankruptcy.about 20% of its corporate and supply chain workforce.
"As our strategic direction changes and we streamline our operations, it is necessary to right-size our organization to ensure we are equipped for the future," the company said in a statement on Tuesday, without revealing the magnitude of the new layoffs.a third-quarter loss of $393 million and said it has started cost reductions of about $80 million to $100 million across its corporate business, including overhead expenses and headcount.
Shares of the company shot up about 20% as retail investors speculated it could be a potential acquisition target. CNBC, which first reported the latest layoff plans, also said Bed Bath & Beyond would be eliminating the chief transformation officer role currently held by Anu Gupta.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bed Bath & Beyond warns of potential bankruptcy - San Francisco Business TimesThe company has a dozen locations in the Bay Area, and others have already closed over the past year.
Read more »
Bed Bath & Beyond stock rallies despite looming specter of potential bankruptcyBed Bath & Beyond Inc. undefined stock rose 16.8% before market open on Monday. Last week the troubled home goods retailer's stock plunged after the...
Read more »
What's ahead for Bed Bath & Beyond in wake of bankruptcy warningBed Bath's turnaround plan called for cost-cutting and improved partnerships with vendors. But its sales have yet to improve.
Read more »
UBS sees these retail stocks winning from a potential Bed Bath & Beyond bankruptcyDoubts about Bed Bath & Beyond's future opens a door for other retailers to pick up market share, says UBS
Read more »
Bed, Bath & Beyond rebounds in meme-stock rallyShares of Bed, Bath & Beyond Inc rebounded sharply in high volume trading on Monday amid speculation by retail investors that the struggling home goods seller might be a potential acquisition target.
Read more »
Bed Bath & Beyond’s day of reckoningDays after disclosing bankruptcy is a real possibility, Bed Bath & Beyond, on Tuesday, will update investors on what’s ahead for the embattled home retailer which has been plagued with falling sales, allegations of financial fraud which surfaced following the suicide of its CFO and mounting store closures.
Read more »