UNION, NJ – Bed Bath & Beyond Inc., headquartered in Union, has announced a major organizational realignment, including a workforce reduction of approximately 2,800 employees, estimated to save $150 million.
In a statement from the corporation, the company said the workforce reduction will impact employees “across its corporate headquarters and retail banner stores, effective immediately”.
“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,” said Bed Bath & Beyond’s President and CEO Mark Tritton. Tuesday’s “action forms part of a series of changes we are making to reduce the cost of our business, further simplify our operations and support our teams, so we can emerge from the pandemic in an even stronger position.”
According to the company’s statement, the changes will help fund a number of growth initiatives to enhance the “omni-always shopping experience in store and online, building on the recent introduction of Buy-Online-Pickup-In-Store (BOPIS) and Curbside Pickup services, in addition to supporting plans to launch an array of new customer-inspired owned brands in 2021.”