Bed Bath & Beyond to lay off more employees

STORY: Just a week after announcing it was exploring options including bankruptcy, Bed Bath & Beyond on Tuesday said it would lay off more employees in an attempt to reduce costs as it fights to stay in business.

Without revealing the magnitude of the new layoffs, the home goods retailer said in a statement:

"As our strategic direction changes and we streamline our operations, it is necessary to right-size our organization to ensure we are equipped for the future."

Last year, company executives said its corporate and supply chain workforce would be slashed by about 20%.

Early Tuesday, Bed Bath & Beyond reported a third-quarter loss of $393 million and said it has started cost reductions of about $80 million to $100 million across its corporate business, including overhead expenses and headcount.

Shares of the company shot up close to 30% in Tuesday trading as retail investors speculated it could be a potential acquisition target.