Bed, Bath & Beyond is laying off 20% of its staffers.
The cuts include the elimination of its chief operating officer and chief store officer positions.
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About 150 locations are also expected to shut down, although specific sites were not mentioned.
Interim CEO Sue Gove said the company remains focused on improving customer service and its bottom line.
She also said Bed, Bath & Beyond has secured $500 million in funds which will be used for future growth.
Bed, Bath & Beyond’s stock fell drastically in Wednesday’s early trading after the job cuts were announced.
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