After telling investors anew last week that it might consider a bankruptcy filing. Bed Bath & Beyond has begun a new round of layoffs.
The company said in a statement on Tuesday . That the company “needs to right-size” as it looks to turn around its business.
“Unfortunately. this has necessitated. The difficult decision to say goodbye to some of our colleagues,” it said.
That followed a company memo that told employees the cuts would “across our corporate. Supply chain and store portfolio.” It did not give the exact number of layoffs.
Bed Bath & Beyond is also eliminating the role of chief transformation officer,
Last Thursday, Bed Bath & Beyond issued a “going concern” warning as it faced. The prospect of a severe cash shortage. It said it would seek to address the crisis by . Exploring options, including a Chapter 11 bankruptcy filing.
Doing so would bookend a tumultuous post-pandemic period for the company that saw it caught up in. The meme-stock frenzy, in which day traders and other amateur investors speculated about. The turnaround of troubled companies. In the case of Bed Bath & Beyond, after they fell to an all-time low of around $4 in April 2020. The company’s shares rebounded to $35 in the summer of 2021.
Today, the company’s shares are worth about $2.
Bed Bath & Beyond also faced tragedy in September with. The death of its chief financial officer. Gustavo Arnal, which was ruled a suicide.
On Tuesday, the company reported quarterly results that showed same-store sales fell 32%.