Bed Bath & Beyond cuts 1,300 jobs in New Jersey (March 24)
Reuters
Published Mar 27, 2023 06:57PM ET
(Reuters) - Bed Bath & Beyond Inc (NASDAQ:BBBY) is laying off about 1,300 employees at four locations in New Jersey, including at discount health and beauty chain Harmon, a Worker Adjustment and Retraining Notification (WARN) notice showed on Friday.
The layoffs will come ahead of a change in labor laws in the U.S. state in April that would mandate companies with 100 or more employees to notify them 90 days in advance of plant closings and mass layoffs, instead of 60 days.
Bed Bath & Beyond had said last month it was planning to raise around $1 billion, through an offering of preferred stock and warrants, to avoid bankruptcy.
In January, the struggling retailer had said it would lay off more employees to reduce costs, after announcing last year that it would cut 20% of its corporate and supply-chain workforce.
(This March 24 story has been corrected to say that job cuts were not additional, but part of previously announced layoff plans, in headline and paragraph 1)
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Written By: Reuters
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