Bed Bath & Beyond said Tuesday that it's cutting 2,800 jobs at its corporate headquarters and stores — about 5% of its overall workforce — as the troubled home goods retailer looks to pivot more of its business online.
The company said the job cuts will save it about $150 million a year, before taxes. The figure represents a portion of the anticipated savings from a corporate restructuring plan announced earlier this year.
The Union, New Jersey-based company said the action is designed to reduce layers at the corporate level, reposition field operations to better serve customers who are shopping more online, as well as realign technology, its supply network and merchandising teams.
The moves build on Bed Bath & Beyond's recent introduction of services like allowing online shoppers to pickup items in the store or at curbside.