Bed Bath & Beyond Lobs Off 10% of Corporate Workforce
Posted on 02/27/2020
Big box store Bed Bath & Beyond is terminating about 500 jobs, or 10% of its corporate workforce. Bed Bath & Beyond is doing this as part of a broader restructuring plan in a bid to boost profits. The retailer is trying to remove certain middle layers of store management. Bed Bath & Beyond employs around 55,000 to 60,000 people overall. At its headquarters in New Jersey, the retailer employs approximately 3,000 people.
In February 2020, 1-800-Flowers.Com agreed to buy Bed Bath & Beyond’s PersonalizationMall.com business, known for selling gifts for special occasions and holidays, for US$ 252 million.
Another retailer Pier 1 Imports Inc., headquartered in Fort Worth, filed for Chapter 11 bankruptcy in February 2020. Pier 1 Imports logged in revenue declines across the last nine fiscal quarters.
