Bed Bath & Beyond Will Reduce Expenses by Laying Off Additional Employees

Bed Bath & Beyond (NASDAQ:BBBY) will lay off further employees in an effort to reduce expenses, the company revealed on Tuesday, a week after admitting that it was exploring bankruptcy as a possibility.

The previous year, company officials said that the home goods retailer would downsize its corporate and supply chain workforce by about 20%.

"As our strategic direction moves and we streamline our operations, it is imperative that we restructure our organization to ensure we are future-ready," the firm said in a statement posted on Tuesday, without disclosing the number of new layoffs.

Earlier in the day, Bed Bath & Beyond reported a third-quarter loss of $393 million and announced that it had begun slashing costs by between $80 million and $100 million throughout its whole corporate organization, including overhead costs and headcount.

The stock price of the company soared by around 20% as individual investors speculated that it could be a takeover target.

The post of chief transformation officer, now held by Anu Gupta, will be eliminated by Bed Bath & Beyond, according to CNBC, which first reported the recent layoffs.