Home goods retailer Bed Bath & Beyond issues a fresh round of layoffs this week, painting a bleaker picture for the company as it struggles to avoid a possible bankruptcy filing.
Company CEO Sue Gove said in a memo this week that the corporation is issuing layoffs “across our corporate, supply chain and store portfolio,” according to a memo obtained by CNBC.
“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,” Gove wrote in the memo, according to the report.
The company told the network that it had determined it “necessary to right-size our organization to ensure we are equipped for the future.”
Bed Bath & Beyond warned investors last week that it might move to file bankruptcy as it struggles to maintain cashflow amid declining sales and high expenses.