500 employees have a chance of lay off in Bed Bath & Beyond company

Due to decreasing sales growth the company have a plan to lay off 500 employees soon!!!!

500 employees have a chance of lay off in Bed Bath & Beyond company
Image Courtesy: forbes.com

Recently, Bed Bath & Beyond appointed their new CEO "Mark Tritton" who going to upgrade their supply chain to next level.

Also  Bed Bath & Beyond palns to lay off their 500 employees and their reason is off decreasing in sales.  

Though they saves nearly $ 85 million on expenses every year, they expecting to minimize the cost on severance their employees.

Mark Tritton CEO of Bed Bath & Beyond plans to laid off C-level management of the company also sold the personalization platform "Personalizationmall.com" to $ 1 billion.

From the $ 1 bilion he had a plan of investing $ 600 million in debt restructuring and share repurchases, while $ 400 million to upgrade the supply chain and remodelling the stores where they have a plan to reopen their closed stores on First half of 2020.

In a statement, CEO Mark Tritton said “These measured and purposeful steps are necessary, although difficult, and we do not take this action lightly. This will improve our cost structure, allowing us to re-invest where it matters most to our customers, to re-establish our authority in the Home space.”