After weeks of rumors of the potential bankruptcy filing or a sale of the company, Bed Bath & Beyond has finally followed suit in the steps of other major companies in the United States. This has led to massive job cuts of 572 employees at its e-commerce facility, as the company plans to lay off workers, marking another round of significant job cuts announced by a major company in 2023.
No one is safe
In less than four months countless companies such as Walmart, Glassdoor, Amazon, Meta, Citigroup, and Twitter just to mention a few have all fired staff to cut excess expenses.
According to Forbes, the company made it clear in a statement emailed to Retail Dive, that in the course of finding a turnaround plan, Bed Bath & Beyond will reevaluate all aspects of its enterprise and reset elements of our foundation. As their strategic direction changes, they hope to streamline their operations.
No Branch is Safe
Despite the job cuts of 572 employees at its e-commerce facility, don’t forget that due to the company’s continued financial woes and after it announced plans last August to cut 20% of its workforce. That’s down another 377 at its corporate headquarters in New Jersey staff who worked for the company.
Winter economic future
Bed Bath & Beyond is now going ahead to right-size the organization to ensure they are well equipped for this winter economic future. Unfortunately, this has necessitated making the difficult decision to say goodbye to some of the staff.
150 Stores of Bed Bath & Beyond
During the introduction of the turnaround plan, by Bed Bath & Beyond’s new CEO Sue Gove in August, it was speculated that a key part of this plan included closing more than 150 stores, laying off employees at these 150 stores, and discontinuing some of its private inventory brands in favor of national inventory brands as long as customers don’t complain.
Revenue report
Bed Bath & Beyond in the course of all this turmoil reported in January that the retailer’s operating loss increased by more than 423%, reaching $450.9 million, while its net loss grew by 42.2% to reach about $393 million. Also, its net sales fell 33% year over year to $1.3 billion, while comparable sales declined 32%. Income losses were said to happen during that period as well, According to the Retaildive Report.
