- We are cutting about 500 jobs, or 10% the corporate headcount
- Will use savings to invest (but will pay up first as severance is costly)
- Annual savings will be 85 million (but will also introduce chaos and many things will not get done)
Mark said today:
“We are announcing extensive changes today to right-size our organization as part of our efforts to reconstruct a modern, durable business model,” CEO Mark Tritton said in a statement. “We do not take this action lightly but, while difficult, these measured and purposeful steps are necessary. This will reset our cost structure, allowing us to re-invest where it matters most to our customers, to re-establish our authority in the Home space.”
SOURCE:
cnbc.com/2020/02/27/bed-bath-beyond-cuts-10percent-of-its-corporate-workforce-in-restructuring.html