Bed Bath & Beyond is struggling. In July, the retailer announced that it would close 200 "redundant" stores. Now, 2,800 jobs are being cut, with the layoffs affecting corporate positions and store jobs alike. CEO Mark Tritton said in a statement that the move is critical to rebuilding the business from the bottom up. The coronavirus pandemic forced Bed Bath & Beyond to close its entire store fleet in March, adding to its pain. In the first fiscal quarter of 2020, the retailer posted a loss of over $302 million. The layoffs will save the retailer an annual sum of about $150 million.
A company spokesperson told Business Insider, "these actions are the next steps in our restructuring plan that is expected to further support investment in strategic growth plans, and provide additional financial flexibility."