Bed Bath & Beyond Eliminates Operating Chief Role, Cuts Staff
July 23 2019 - 2:12PM
Dow Jones News
By Michael Dabaie
Bed Bath & Beyond Inc. (BBBY) said it is reducing corporate
staff and eliminated the role of chief operating officer.
The retailer said it initiated a reduction in corporate staff at
its headquarters in Union, N.J., and some other locations. Eugene
A. Castagna, president and chief operating officer, departed
Tuesday and the role has been eliminated, Bed Bath & Beyond
said.
The company said it recently completed a review of its corporate
office cost structure, which has resulted in a reduction of about
7% of its corporate staff. The company said this includes vice
presidents, directors, managers and professional staff.
Bed Bath & Beyond said it will continue to review its cost
structure to identify additional cost-savings opportunities.
These organizational changes are estimated to generate future
annual pre-tax net savings of approximately $30.7 million, the
company said.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
July 23, 2019 13:57 ET (17:57 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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