Bed Bath & Beyond vowed to slash its workforce by 20% and close about 150 stores. The retail giant, known for its ubiquitous coupons, announced job cuts and store closures in an effort to reduce costs as it continues to struggle with weak sales.
, the New Jersey-based company vowed to slash its workforce by 20% and close about 150 stores.
But, he said, the company was also hurt by an attempt to overhaul its supply chain during the pandemic, which led to understocked store shelves, as well as a failed shift from popular national brands to private labels created by the store. In 2019, the retailer hired former Target executive Mark Tritton as CEO. Part of his plan to rehabilitate the company was to sell merchandise on private labels specific to Bed Bath & Beyond like Target does, but the idea didn't catch on in the same way.
The company said this week that it had net sales of about $1.45 billion in the second quarter of this fiscal year – a roughly 26% drop from the same period last year.
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