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Jobs will start to be eliminated immediately, the company said in a statement on Tuesday, Aug. 25.
"In conjunction with the organizational realignment, the company has implemented a significant workforce reduction of approximately 2,800 roles from across its corporate headquarters and retail banner stores, effective immediately," the statement said.
"This action is designed to further reduce layers at the corporate level, significantly reposition field operations to better serve customers in a digital-first shopping environment, as well as realign technology, supply chain and merchandising teams to support strategic growth initiatives."
Bed Bath & Beyond, founded in 1971, had earlier announced it will close 200 stores.
The company's financial woes began before the COVID-19 pandemic. It lost $253.8 million in the fourth quarter last year.
"Saying goodbye to colleagues and friends is incredibly difficult," President and CEO, Mark Tritton said on Tuesday, "but this component of our comprehensive restructuring program is critical to rebuild the foundation of our business, construct a modern, balanced and durable business model, and meet the structural shift in customer shopping and service preferences that we have seen accelerate as a result of COVID-19.
"Today's action forms part of a series of changes we are making to reduce the cost of our business, further simplify our operations and support our teams so we can emerge from the pandemic in an even stronger position."
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