Bed Bath & Beyond has announced it is cutting 2,800 jobs “effective immediately.”
The national chain is making the workforce reduction on the corporate level as well at its retail outlets, the company said in a statement.
The “organizational realignment” comes as the company is streamlining to help mitigate financial losses due to the ongoing coronavirus pandemic.
"Saying goodbye to colleagues and friends is incredibly difficult, but this component of our comprehensive restructuring program is critical to rebuild the foundation of our business, construct a modern, balanced and durable business model, and meet the structural shift in customer shopping and service preferences that we have seen accelerate as a result of COVID-19," Bed Bath & Beyond's president and CEO Mark Tritton said in a statement.
“Today's action forms part of a series of changes we are making to reduce the cost of our business, further simplify our operations and support our teams so we can emerge from the pandemic in an even stronger position.”
The job cuts come one month after the company revealed they would be closing 200 stores over the course of the next two years.
The retail chain, which also owns Buybuy Baby, Christmas Tree Shops, Harmon Face Value, and World Market, will close mostly its namesake stores. Closures will begin later in 2020, though, it’s unclear which stores will be affected.
As of May 31, the company had a total of 1,478 stores, including 955 Bed Bath & Beyond locations.