The significant reduction in business and retail staff will help Bed Bath & Beyond save $ 150 million in annual pre-tax savings, the company said Tuesday. As of February, the retailer had 55,000 employees, so the cuts amount to 5% of its total workforce.
Tuesday’s action is part of a series of changes we’re making to reduce our company’s costs, further simplify our operations and support our teams so we can emerge from the pandemic in an even stronger position , “said CEO Mark Tritton in the statement. ,
Last month, Bed Bath & Beyond (BBBY) announced that it will close 200 stores permanently earlier this year. Brick and mortar stores continue to struggle as people move their groceries online. The company, which also operates Buybuy Baby, Christmas tree stores and Harmon Face Values, has about 1,500 stores. Nearly 1000 of them are Bed Bath & Beyond locations.
Tritton was named CEO of Bed Bath & Beyond last October, joining Target’s retailer. In addition to the redundancies and closures of stores, Tritton supports the digital efforts of the company and launches new internal markets next year.
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