Bed Bath & Beyond announced yesterday that it is cutting about 500 jobs, or 10 percent of its corporate workforce, as part of a larger restructuring plan in a bid to trim expenses, CNBC.com reported. The company said that it is making a “significant reduction” in management positions across its business, as it pivots to outsourcing some tasks. Bed Bath & Beyond said it expects to reduce expenses by roughly $85 million annually, as a result of this plan. It says it plans to trim several hundred million dollars in costs over the longer term. Bed Bath & Beyond said it is removing duplicate jobs and cutting certain middle layers of store management. The retailer employees roughly 55,000 to 60,000 people overall, depending on the season. It has roughly 3,000 people working at its corporate headquarters, in New Jersey.
