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Strategic restructuring programme at Bed Bath & Beyond

Mar '20
Pic: Shutterstock
Pic: Shutterstock
US omni-channel retailer Bed Bath & Beyond recently announced a strategic restructuring programme to rebuild its foundation and create a sustainable, durable business model. The programme includes a reorganisation and simplification of its field operations, significant reduction in management positions and outsourcing of several functions.

The company commenced a workforce reduction affecting nearly 500 positions. This is a major pivot in its plan to realise several hundred million dollars of cost saving opportunities over the long-term, the company said in a press release.

The overall restructuring program is expected to reduce annual selling, general and administrative expense (SG&A) expense by approximately $85 million, as part of a strategic realignment to create greater focus on the company's core business and initiatives designed to enhance customer experience, drive sales and position it for long-term success.

Reinforcing its preliminary strategic plan, which includes action across five strategic pillars—product, price, promise, place and people, the company has been conducting a comprehensive review of its business to determine ways to drive efficiency and effectiveness.

The company is now taking steps to reconstruct and modernise its operating model, accelerating its transformation and balancing near-term priorities to generate savings while reinvesting for future growth.

The restructuring program consists of a reset of the cost structure that will simplify and remove spans and layers of management to bring the company in line with industry best practice; remove duplicative or redundant roles to streamline the organisation; reduce and realign regional zones to simplify and restructure field operations; and outsource several functions to allow the company to focus on core competencies.

Fibre2Fashion News Desk (DS)

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March 2020

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