Bed Bath & Beyond Announced It Will Lay Off More Than 2,500 Employees

Kristin Salaky
·1 min read
Photo credit: Bruce Bennett - Getty Images
Photo credit: Bruce Bennett - Getty Images

From Delish

Bed Bath & Beyond announced this week that it would be cutting 2,800 jobs both from its corporate office and its retail stores as it continues to see the effects of the COVID-19 pandemic.

In a statement this week, they said that they have "implemented a significant workforce reduction" of certain roles, which is effective immediately. The retailer also explained that these moves were made to "further reduce layers at the corporate level," and to "significantly reposition field operations to better serve customers in a digital-first shopping environment." The move is expected to generate an annual pre-tax cost savings of around $150 million.

This news comes just after the company announced it would be closing 200 stores over the next two years. In that announcement, Bed Bath & Beyond explained that its year-to-year sales had declined roughly 49 percent during the beginnings of the COVID-19 pandemic coming to the U.S. and that it had furloughed a "majority" of its store associates. The retailer also said at that time that it would begin focusing more on digital sales as many customers turned to shopping online amid the pandemic.

CEO Mark Tritton said in the most recent release:

Saying goodbye to colleagues and friends is incredibly difficult, but this component of our comprehensive restructuring program is critical to rebuild the foundation of our business, construct a modern, balanced and durable business model, and meet the structural shift in customer shopping and service preferences that we have seen accelerate as a result of COVID-19.

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