BBBY - Bed Bath & Beyond begins latest round of layoffs to ensure viability

January, 10 2023 01:35 PM Bed Bath & Beyond Inc.

Bed Bath & Beyond ( NASDAQ: BBBY ) has begun another round of layoffs as it approaches a potential bankruptcy.
Citing an internal memo sent to employees, CNBC reported on Tuesday that the home goods retailer is eliminating the chief transformation officer position, currently held by Anu Gupta.
Without divulging the scale of layoffs, CEO Sue Gove said the company is reducing workforce "across our corporate, supply chain and store portfolio," adding that the move is necessary to ensure Bed Bath's future.
"While we have taken several important initial steps in our turnaround plan with strong execution, our Q3 2022 results signal that it will take longer to translate actions into outcomes," Gove wrote.
As of Feb. 26, 2022, Bed Bath ( BBBY ) had about 32,000 employees.
In a statement to CNBC, Bed Bath & Beyond ( BBBY ) said it is "resetting elements of our foundation."
The move comes as the retailer reported disappointing fiscal third-quarter results earlier today, with comparable sales down 32%.
Shares were up 25% shortly after 13.30 p.m. ET

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