Bed Bath & Beyond to cut 1,300 more jobs in New Jersey

Bed Bath & Beyond to cut 1,300 more jobs in New Jersey
© Reuters. FILE PHOTO: Signage is seen at a Bed Bath & Beyond store in Manhattan, New York City, U.S., June 29, 2022. REUTERS/Andrew Kelly/File Photo

(Reuters) – Bed Bath & Beyond Inc (NASDAQ:BBBY) will lay off about 1,300 more employees at four locations in New Jersey, including at discount health and beauty chain Harmon, a Worker Adjustment and Retraining Notification (WARN) notice showed on Friday.

The layoffs will come ahead of a change in labor laws in the U.S. state in April that would mandate companies with 100 or more employees to notify them 90 days in advance of plant closings and mass layoffs, instead of 60 days.

Bed Bath & Beyond had said last month it was planning to raise around $1 billion, through an offering of preferred stock and warrants, to avoid bankruptcy.

In January, the struggling retailer had said it would lay off more employees to reduce costs, after announcing last year that it would cut 20% of its corporate and supply-chain workforce.

Source: Reuters