Bed Bath & Beyond is cutting 2,800 jobs from its corporate headquarters and stores as part of its on-going effort to restructure the company.
According to the retailer, the cuts are designed to reduce layers at the corporate level, reposition field operations to better serve customers and realign technology, supply chain and merchandising teams to support strategic growth initiatives.
The move will provide Bed Bath & Beyond with future annual pre-tax cost savings of approximately $150 million.
“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,” said Mark Tritton, president/CEO of Bed Bath & Beyond.
Savings realized from the reduction in staff will also be earmarked for several growth initiatives targeting the in-store and online shopper experience. This includes the recent introduction of Buy-Online-Pickup-In-Store (BOPIS) and Curbside Pickup services.
Additionally, the company plans to launch several customer-inspired owned brands in 2021 and deliver and end-to-end transformation of the company’s supply chain.