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Bed Bath & Beyond is latest retailer to cut jobs as it streamlines

Bed Bath & Beyond is cutting roughly 500 jobs as it attempts to slash costs in the wake of sliding sales. 

The New Jersey-based home furnishings company said Thursday that it was focusing on management positions that were redundant or not essential as it tries to shore up its core business.  

“We are announcing extensive changes today to right-size our organization as part of our efforts to reconstruct a modern, durable business model,” Mark Tritton, Bed Bath & Beyond’s president and CEO said in a statement. “We do not take this action lightly but, while difficult, these measured and purposeful steps are necessary.”

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The job cuts, and other streamlining measures will save the business several hundred million dollars, the company says.

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