Bed Bath & Beyond owner to lay off 20% of its workforce

• Bed Bath & Beyond's proprietor said successful a regulatory filing that it would trim one-fifth of its workforce.
• Beyond Inc., formerly known arsenic Overstock, bought nan marque past twelvemonth aft it went bankrupt.
• It said nan cuts would support nan online-only retailer's "affinity and information monetization model."

The genitor institution of Bed Bath & Beyond plans to laic disconnected one-fifth of its workforce successful a move to prevention $20 cardinal a year.

Beyond Inc., formerly known arsenic Overstock, said successful a regulatory filing connected Tuesday that nan cuts would "align to its asset-light business that supports an affinity and information monetization model."

In September, nan institution announced that it had reached a woody to waste its Utah headquarters. Its main financial officer, Adrianne Lee, said successful a connection connected Thursday that nan 2 measures were expected to trim nan yearly fund by $65 million.

"As we proceed to toggle shape and build retired our model, we intend to monetize information done our enhanced CRM and database capabilities, guidelines up a world loyalty programme crossed some our owned and collaborated brands, and leverage our IP done a assortment of world licensing partnerships," Dave Nielsen, nan company's president, said successful nan statement.

On Monday, Beyond and Kirkland's Home announced a $25 cardinal woody to unfastened 15,000-square-foot small-format "neighborhood" Bed Bath & Beyond locations crossed nan US. The companies said nan conception would see an assortment of classical BB&B products.

Overstock bought nan Bed Bath & Beyond intelligence spot past twelvemonth aft nan original housewares retailer went bankrupt, turning nan erstwhile big-box marque into an online-only operation.

The $21.5 cardinal woody covered trademarks, soul business data, and e-commerce platforms including websites and apps, but nary beingness stores aliases inventory.

The institution said astatine nan clip that nan summation of Bed Bath & Beyond loyalty-program shoppers tripled Overstock's existing customer base.

Since renaming itself to Beyond past year, nan institution has managed to turn customers by 21%, but income person suffered, pinch delivered orders declining by 19% successful nan 3rd quarter.

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