Bed Bath & Beyond lays off more employees as it fights to survive

Bed Bath & Beyond has begun its latest circular of layoffs, arsenic it fights to enactment successful business, according to a memo sent to employees Tuesday that was obtained by CNBC.

The location goods retailer told employees that it is eliminating the main translation serviceman role, which is held by Anu Gupta, connected the aforesaid time it reported disappointing fiscal third-quarter results.

In the email to employees, CEO Sue Gove said the institution is reducing its workforce "across our corporate, proviso concatenation and store portfolio." She did not accidental however galore employees would beryllium affected, but said it is indispensable to guarantee Bed Bath's future.

"While we person taken respective important archetypal steps successful our turnaround program with beardown execution, our Q3 2022 results awesome that it volition instrumentality longer to construe actions into outcomes," she wrote.

In a connection to CNBC, the institution said it is "resetting elements of our foundation."

"As our strategical absorption changes and we streamline our operations, it is indispensable to right-size our enactment to guarantee we are equipped for the future. Unfortunately, this has necessitated making the hard determination to accidental goodbye to immoderate of our colleagues," the connection said.

Gupta did not instantly respond to a petition for comment.

Bed Bath & Beyond is approaching a imaginable bankruptcy, arsenic its income diminution and losses grow. The company's store shelves person gotten barer arsenic suppliers request upfront payment, halt shipping goods oregon alteration different outgo terms. Bed Bath issued a "going concern" informing past week, saying it whitethorn tally retired of funds to screen expenses.

Bed Bath had astir 32,000 employees, arsenic of Feb. 26, 2022, according to a institution filing.

But since then, the company's worker number has gotten smaller. In August, it said it would cut astir 20% of its firm and proviso concatenation workforce and adjacent astir 150 of its namesake stores.

Earlier Tuesday, Gove told investors that Bed Bath has made advancement successful reducing its operating expenses and volition chopped costs by an further $80 cardinal to $100 million, with immoderate of those savings coming from a reduced workforce.

Gove said successful the memo Tuesday that Bed Bath volition clasp a municipality hallway connected Wednesday to sermon its future.