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.
Earlier this month, the home goods seller said that comparable sales in December and January had dipped 5.4% as fewer shoppers visited its and more items on sale put a damper on profits.
The company said in a quarterly earnings call in January that it still intended to shutter 60 stores across its various formats which include buybuy Baby, Harmon Face Values and World Market. But it said half of the 40 Bed Bath & Beyond locations slated for closure would stay open into the first half of the year.
Fourteen stores went out of business in 2019.
The company is struggling to stay top of mind with consumers who have choices ranging from Amazon to online furniture seller Wayfair when decorating their homes.
Bed Bath & Beyond is the latest retailer to announce job cut in the wake of a lackluster holiday season. Kohl’s, Macy’s and J.C. Penney have also said in recent weeks that they were eliminating positions.
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