Bed, Bath & Beyond laid off nearly 150 of its 65,000 employees this week, as more shoppers shift their spending online, a person familiar with the situation told CNBC.
div > div.group > p:first-child"> The retailer, which has had seven consecutive quarters of declining same-store sales, has slowed down the pace of newer store openings and said it is evaluating existing leases. Meantime, it is investing in its online capabilities to help fend off stronger e-commerce rivals like Amazon.
A round of layoffs also hit the company's Christmas Tree Shops Bed, Bath acquired the discount home goods and decor chain in 2003. Fewer than a 100 of its department and store managers were let go, the person said. This week's layoffs at Bed, Bath were planned prior to the investors' letter and are part of its ongoing turnaround, the person said.
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