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Bed Bath & Beyond To Cut 1,300 Jobs In New Jersey: Report

Bed Bath & Beyond Inc (NASDAQ: BBBY) reportedly plans to lay off about 1,300 employees at four locations in New Jersey.
byShivani Kumaresan
March 24, 2023
1 minute read
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  • Bed Bath & Beyond Inc (NASDAQ:BBBY) reportedly plans to lay off about 1,300 employees at four locations in New Jersey.
  • A Worker Adjustment and Retraining Notification (WARN) notice showed that the job cuts will also include discount health and beauty chain Harmon, reported Reuters.
  • In January, the company notified that it would go ahead with more job cuts to reduce costs.
  • In 2022, BBBY announced a 20% reduction in its corporate and supply-chain workforce.
  • The report noted that the latest notification comes ahead of a change in the state’s labor laws that mandates 90 days advance notification to the employees in the event of layoffs, instead of the current 60 days.
  • Also Read: Bed Bath & Beyond Reveals Receipt Of Additional Proceeds From Equity Offering
  • Price Action: BBBY shares are trading higher by 5.71% at $0.8310 on the last check Friday.
 
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