Bed Bath and Beyond announced on Tuesday that as part of its efforts to reduce costs, it will cut its corporate staff by 7% and eliminate the chief operating officer role. The stock was down 1% after the news.
Bed Bath and Beyond announced on Tuesday that it would eliminate the role of its chief operating officer.
The company said that the elimination of the role was a result of a review of its corporate office cost structure, and has resulted in a reduction of about 7% of its corporate staff.Signage is displayed outside of a Bed Bath & Beyond Inc. store in Los Angeles, California, U.S., on Monday, Sept. 19, 2016.announced on Tuesday that as part of its efforts to reduce costs, it will cut its corporate staff by 7% and eliminate the chief operating officer role.
As part of this decision COO Eugene Castagna, who also held the title of the president, will leave the company. The stock was down 1% after the news. "While decisions that impact our staff are difficult, today's action is an important step in simplifying our corporate structure and ensuring our resources are aligned with the business we are managing today," said Bed Bath and Beyond's interim CEO Mary Winston.
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