Bed, Bath and Beyond, Cisco Systems and more plan layoffs

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Last month, the retailer announced it was permanently closing 200 stores later this year. Physical locations continue to struggle as the COVID-19 epidemic has shifted retail shopping online. 

The company also operates Buybuy Baby, Christmas Tree Shops and Harmon Face Values. It operates 1,500 stores. About 1,000 of those are its primary brand, Bed Bath & Beyond locations.

The employee and store cuts are proposed to reduce overhead and management layers and “significantly reposition field operations to better serve customers in a digital-first shopping environment,” the company said. 

The reorganization will result in an estimated $150 million in annual savings, Bed Bath & Beyond said. 

“Saying goodbye to colleagues and friends is incredibly difficult, but this component of our comprehensive restructuring program is critical to rebuilding the foundation of our business, construct a modern, balanced and durable business model, and meet the structural shift in customer shopping and service preferences that we have seen accelerate as a result of COVID-19,” Tritton said in his statement.

Tech

Despite the solid performance of the technology sector, tech companies are laying off employees.