Bed Bath & Beyond (DK-Butterfly-1) layoffs, on the record
Every job cut, severance charge and restructuring Bed Bath & Beyond (DK-Butterfly-1) reported in its annual reports, 2021 to 2023, quoted from the filings.
Job cuts, severance and restructuring
Our summaryImplemented a workforce reduction of roles across corporate headquarters and retail stores as part of restructuring and transformation.
Word for word“In connection with the organizational realignment, the Company implemented a workforce reduction of approximately 2,800 roles from across its corporate headquarters and retail stores.” 10-K for 2021
Our summaryApproved the planned closure of stores under the store network optimization program, which includes severance costs.
Word for word“As part of the Company's ongoing business transformation, on July 6, 2020, the Board of Directors of the Company approved the planned closure of approximately 200 mostly Bed Bath & Beyond stores by the end of fiscal 2021 as part of the Company's store network optimization program, 144 of which have been closed as of February 27, 2021.” 10-K for 2021
Our summaryRecorded fiscal 2020 restructuring and transformation charges, including severance, related to workforce reduction and store network optimization.
Word for word“During fiscal 2020, we recorded charges of $102.2 million in connection with our restructuring and transformation initiatives, primarily related to severance costs recorded in connection with the workforce reduction and store network optimization programs described above as well as other restructuring activities.” 10-K for 2021
Our summaryRecorded fiscal 2019 restructuring charges, primarily severance and related costs for transformation initiatives and leadership changes.
Word for word“During fiscal 2019, the Company expensed pre-tax restructuring charges of approximately $ 102.5 million, primarily for severance and related costs in conjunction with its transformation initiatives and extensive leadership changes, within selling, general and administrative expenses in its consolidated statement of operations.” 10-K for 2021
Our summaryRecorded Fiscal 2021 restructuring and transformation charges, including store fleet optimization and store closures, with $2.4 million of severance costs for store closures.
Word for word“The Company recorded $ 281.2 million in its consolidated statements of operations for the fiscal year ended February 26, 2022 for costs associated with restructuring and other transformation initiatives, of which approximately $ 137.2 million is included in cost of sales and approximately $ 144.0 million is included in restructuring and transformation initiative expenses in the consolidated statements of operations.” 10-K for 2022
Our summaryClosed 63 mostly Bed Bath & Beyond stores under the store fleet optimization program, bringing total closures to 207.
Word for word“During Fiscal 2021, the Company closed 63 mostly Bed Bath & Beyond stores as part of its store fleet optimization program which commenced in Fiscal 2020 and included the closure of 207 mostly Bed Bath & Beyond stores through the end of Fiscal 2021 (including the 144 stores closed in Fiscal 2020).” 10-K for 2022
Our summaryAnnounced an additional expense optimization program targeting approximately $100 million of annualized savings.
Word for word“In the fourth quarter of Fiscal 2021, we announced that we are pursuing additional expense optimization measures of approximately $100 million annualized that will explore areas such as additional store fleet optimization, fixed costs and discretionary savings opportunities.” 10-K for 2022
Our summaryIn Fiscal 2022 the company recorded restructuring and transformation charges that included severance costs tied to workforce reduction, store closures and leadership changes.
Word for word“In addition, approximately $ 330.0 million, was recorded in restructuring and transformation initiative expenses in the consolidated statements of operations, which included approximately $ 156.9 million of accelerated depreciation related to closing facilities and information technology systems, $ 101.5 million of other restructuring and transformation costs and $ 58.1 million of severance costs related to workforce reduction, store closures and leadership changes.” 10-K for 2023
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2018-03-03 | — | $16.7 million |
| 2020-02-29 | $36.8 million | $73.4 million |
Bed Bath & Beyond (DK-Butterfly-1) filed 5 restructuring notices (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Bed Bath & Beyond (DK-Butterfly-1)’s annual reports (10-K for 2023, 10-K for 2022, 10-K for 2021) and the financial data it files with the SEC, as of 2023-06-14. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.