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- Bed Bath & Beyond reportedly laid off 150 workers this week.
- Sources familiar with the matter told CNBC that around 50 workers in its field support team lost their jobs, as well as around 100 department and store managers from its bargain Christmas Tree Shops.
- In recent years, the retailer has come under pressure, sales have slid, and it has been accused of failing to adapt to the changing retail environment and compete with online sellers.
Bed Bath & Beyond reportedly laid off 150 employees this week, CNBC reported Thursday.
Anonymous sources familiar with the matter told CNBC that around 50 workers lost their jobs this week. These employees were largely in the field support team, which helps staff its stores, CNBC reported.
Around 100 department and store managers were also reportedly let go from its Christmas Tree Shops. These are bargain stores that sell home decor, furniture, food, and Christmas decorations.
Bed Bath & Beyond did not immediately respond to Business Insider’s request for comment.
In recent years, the retailer has come under pressure, sales have slid, and it has been accused of failing to adapt to the changing retail environment and compete with online sellers. Its "messy" stores crammed with inventory have also been heavily criticized by analysts.
On Tuesday, a group of activist investors, which have a combined 5% stake in the business, called for a shakeup of the company and a replacement for CEO Steven Temeres as well as the entire board of directors.
Bed Bath & Beyond released a statement on Tuesday in response to this.
"Bed Bath & Beyond is undertaking a comprehensive transformation to evolve the foundational structure of the business, drive shareholder value and best position the Company for long-term success. While the Activist Group has not provided any specific recommendations despite the Company’s repeated requests, we note that many of the areas highlighted by the Activist Group in its press release are already being addressed at a detailed level by the Company. We look forward to receiving and reviewing any specific suggestions and recommendations the Activist Group may have," it said.
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Source: Business Insider – feedback@businessinsider.com (Mary Hanbury)