Bed Bath & Beyond to cut 500 jobs as it powers on with its turnaround effort
"We are announcing extensive changes today to right-size our organization as part of our efforts to reconstruct a modern, durable business model," CEO Mark Tritton said in a statement to the press.There will be a "significant reduction" in management positions and the "outsourcing of several functions," it said.
The company has launched a major turnaround effort under new leadership and has been cutting jobs and closing stores to curb its expenses and streamline the business. Bed Bath & Beyond is cutting around 500 jobs as it looks to cut costs and streamline the business.the company said that the cuts were down to a "reorganization and simplification" of its field operations, a "significant reduction in management positions," and the "outsourcing of several functions.
He continued: "We do not take this action lightly but, while difficult, these measured and purposeful steps are necessary. This will reset our cost structure, allowing us to re-invest where it matters most to our customers, to re-establish our authority in the home space." Tritton, formerly chief merchandising officer at Target, has been leading a major turnaround effort at the company after several years of
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