Bed Bath & Beyond is eliminating 2,800 corporate and retail jobs "effective immediately" as the company seeks to recover from pandemic-induced financial struggles.
The American chain known for selling bedding, home decor and appliances said Tuesday that the job cuts are part of an "organizational realignment" that will enable the company to cut costs as it focuses on its digital retail offerings.
"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.
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As part of that plan, the company said it aims to "better serve customers in a digital-first shopping environment." The changes will also help fund new "customer-inspired" owned brands in 2021, the company said.
Bed, Bath & Beyond currently operates buybuy Baby, Harmon Face Values and World Market stores.
The layoffs are the latest cost-cutting strategy by Bed Bath & Beyond, which seeks to save between $250 and $350 million annually after one-time costs, the brand announced earlier this year.
In July, the home goods retailer revealed plans to shut down roughly 200 stores over the next two years. That followed news in January that 40 locations were on the chopping block.
"We have made significant progress this year and these purposeful interventions are designed to allow us to maintain our financial flexibility and re-invest where it matters most to our customers and our people," Tritton said in a statement.
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This article originally appeared on USA TODAY: Bed Bath & Beyond to eliminate 2,800 jobs 'effective immediately'