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Bed Bath & Beyond announces layoffs, store closures

Bed Bath & Beyond Strategic Update
Posted at 10:13 AM, Aug 31, 2022
and last updated 2022-08-31 11:18:28-04

Bed Bath & Beyond announced Wednesday that it is laying off employees and closing some stores following a decline in sales.

The retailer says it will reduce its workforce by about 20%.

It has also identified approximately 150 "lower-producing" that will be closed. The list of the stores due to close has not been revealed.

"We are embracing a straight-forward, back-to-basics philosophy that focuses on better serving our customers, driving growth, and delivering business returns," said Sue Gove, interim CEO of Bed Bath & Beyond.

The retailer reported a 26% drop in sales compared to the second quarter of the 2021 fiscal year.

In an effort to improve sales, Bed Bath & Beyond said it will change its merchandising and inventory strategy. That strategy, the retailer says, will be rooted in national brands.