Bed Bath & Beyond Lays Off More Employees in Fight to Avoid Bankruptcy

Bed Bath & Beyond According to CNBC’s Tuesday memo, it has begun the latest round of layoffs in its fight to remain in business.

Home goods retailer revealed to employees that it was removing Anu Gupta from the role of chief transformation officer. Results for the third quarter of fiscal 2008 were disappointing

Sue Gove, CEO of Sue Gove sent an email to employees informing them that she is cutting her workforce. “across our corporate, supply chain and store portfolio.” She didn’t say how many employees would be affected but stated it was necessary to ensure Bed Baths future.

“While we have taken several important initial steps in our turnaround plan with strong execution, our Q3 2022 results signal that it will take longer to translate actions into outcomes,” She wrote.

Gupta did no immediate respond to a request to comment. CNBC was informed by Gupta that they are working to improve the quality of their products. “resetting elements of our foundation.”

“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. Unfortunately, this has necessitated making the difficult decision to say goodbye to some of our colleagues,” The statement was as follows:

In recent months, the retailer has been working closely with advisors to avoid a bankruptcy filing as its financial situation worsened.

Bed Bath had initially been working with Berkeley Research Group. But, Bed Bath decided to switch to AlixPartners, said people familiar. The persons, who declined anonymity because they weren’t authorized to discuss it, were not authorized to speak on the matter.

Bed Bath claimed it didn’t comment. “specific relationships.” Instead, the company refers to earlier comments made by Gove “We have a team, internally and externally, with proven experience helping companies successfully navigate complex situations and become stronger. Multiple paths are being explored and we are determining our next steps thoroughly, and in a timely manner.”

AlixPartners declined comment. Berkeley Research Group did not immediately respond to our request for comment.

Bed Bath & Beyond Are you nearing bankruptcy? As its sales fall, the company’s losses increase. As suppliers demand upfront payments, stop shipping goods or alter other terms of payment, the company’s shelves are becoming less attractive. Bed Bath A “going concern” Last week’s warningIt could run out of money to pay expenses.

According to a company filing, Bed Bath had approximately 32,000 employees as of February 26, 2022.

Since then, however, the number of employees has declined. It said that it would in August. About 20% of the company’s supply chain and corporate workforce has been eliminated Close to 150 of its original stores.

On Tuesday, Gove informed investors that Bed Bath had made significant progress in reducing operating expenses. The company will reduce costs by $80 million to $100 millions, some of which will be attributed to a smaller workforce.

Gove indicated in Tuesday’s memo, that Bed Bath will host a town hall Wednesday to discuss its future.