Struggling retailer Bed Bath & Beyond continues to cut jobs, with 1000 employees to be let go at its corporate headquarters in New Jersey.
A retail apocalypse is currently hitting the United States, and one retailer which is being impacted is Bed Bath & Beyond.
This week they announced more job cuts, including 572 employees at an e-commerce facility and 377 at its corporate headquarters in New Jersey. In Port Reading, 572 people will be let go tomorrow, 84 in Secaucus as of April 5; and 377 in Union as of April 9.
It follows a disappointing few years for the company.
Beyond problems
Bed Bath & Beyond has been besieged with issues of late and has undergone a range of cost-cutting measures as it borders close to bankruptcy, and earlier this month, it began laying off employees.
According to a report in Business Insider:
The retailer reported bigger-than-expected losses in the fiscal third quarter, and nearly half of Bed Bath & Beyond's products are currently out of stock as it struggles with supply chain challenges with its private label brands and issues paying its suppliers.
In addition, the struggling business continues to close stores across the country. In total, 149 Bed Bath & Beyond locations will be permanently closed in the U.S.
According to CNN:
In total, the company is reducing the number of Bed Bath & Beyond stores from 760 to about 360, with the company keeping its most profitable stores open in key markets. At its peak in 2017, the storied brand had 1,552 stores open.
New Jersey Bed Bath & Beyond store closings
The latest New Jersey store closures include the following. The exact closing dates for these stores have yet to be announced.
- Jersey Gardens Mall in Elizabeth, New Jersey
- 205 Route 72 West in Manahawkin, New Jersey
- 740 Route 73 South in Marlton, New Jersey
- 871 Route 1 South in North Brunswick, New Jersey
- 300 Ikea Drive in Paramus, New Jersey
- Ramsey 225 Interstate Shopping Center in Ramsey, New Jersey
- 1511 US Highway 22 in Watchung, New Jersey
Only 19 Bed Bath & Beyond stores will remain in New Jersey following these closures.
For a full list of stores closing in New Jersey, please read this article.
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Your thoughts
Are you concerned about the number of jobs lost in the retail industry? Do you shop at any of the stores that will be closed? Are you worried about the number of retail stores closing in New Jersey? Should the government be doing more to assist these businesses?
Please leave your thoughts in the comments below and share this article with others so they can join the conversation.
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