Bed Bath & Beyond will reportedly lay off approximately 1,300 more employees at four locations in New Jersey, according to a Worker Adjustment and Retraining Notification (WARN) notice seen by Reuters. The layoffs will occur before a change to the state’s labor laws that would mandate companies with 100 or more employees to notify authorities 90 days in advance of plant closings or mass layoffs, rather than the current 60 days.
Bed Bath & Beyond has been working to avoid bankruptcy since the start of 2023 through a combination of downsizing and financial efforts. The retailer first warned of a potential Chapter 11 filing in early January after it reported a net loss of $385.8 million for Q3 2022, which was 40% larger than its loss in Q3 2021.
