Thread regarding Bed Bath & Beyond layoffs

CTS and cost plus being sold-

Christmas tree shops and Cost plus are both in the process of being sold. They are nearing the end of the deal. They expect to announce it before their next earnings call. This will generate close to a billion in profit. By doing so they will be reining the focus on The core bed bath and buy buy baby companies. They are also rumored to sell off their linen company.
Their plan is to mass renovate stores and warehouses and technologies again to align better. They also have big plans made for the bed baths concepts (new renovations) that are extremely different from any kind we have seen. It’s going to be interesting to say the least.
They are in major cost cutting mode so any investment is going to be focused on keeping a low and fluid inventory, payroll savers like self checkout, and time savors like a new freight process. Their goal is to cut staffing in stores by adding more wheeled fixtures, and replacing main aisle fixtures with smaller 2 foot wide statements to help the overall impact of the wider aisles.
They will also be announcing more store closures this July for the November- January time frame. The estimate is 60 stores (bed bath concepts) but to also open up 20 or so baby stores. The overall store footprint for the company once other brands are sold will be down to 1200 (assuming they keep Harmon in the plan like they stated in the past). I have worked in stores and in corporate for a long time. I’m almost on my way out and I could not be happier.

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Post ID: @OP+15zYf7LT

23 replies (most recent on top)

CTS laid off a bunch of ASMs today that were still on Furlough. And a much despised former CTS VP, who was a BBB lifer (DC) got gassed yesterday, which is the one bright side of how this has been handled. Gotta cut some payroll and make CTS look attractive to potential buyers. But wait, payroll is so low the stores are empty and look like they are going out of business? Well done trace!!

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Post ID: @5qxi+15zYf7LT

Last comment - 1000% agree 👍

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Post ID: @3sty+15zYf7LT

I hope this company fails they deserve to fail the way they have treated some of their long time employees. Shame shame shame on them no good is going to come out of this watch and see I cannot wait to sell my stock off . Let’s keep all of our white managers that don’t do a thing trust me and they are overpaid I hope they all get what’s coming to him .

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Post ID: @3iss+15zYf7LT

This is all desperation. There were talks years ago about selling off CTS. There were talks less than a year after acquiring Cost Plus of selling that concept as well. Desperation is all that BBB has left so it is not necessarily a bad thing. The years of neglect with bringing their footprint current with other big box retailers has inevitably sealed their fate. With the added salt to the wound in the form of Covid has changed the IF BBB will go out of business to simply WHEN will BBB go out of business. It is up to who is left here if they want to wait for the ax to fall or move on now.

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Post ID: @3fgx+15zYf7LT

I've been looking for a new job for a while, but most things around me are in the medical field, sales (which I definitely don't want to do), or retail. I have a degree but the field I want to go in isn't really around here and I need to continue my education. Its been a pain.

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Post ID: @3ukz+15zYf7LT

I’m sticking around for the severance package

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Post ID: @3xfi+15zYf7LT

To the person just below, that all depends on how risk adverse you are. How long have you been with the company and under which banner? If you were furloughed, have you been called back to work and what kind of hours are you currently getting. Are you open to searching for jobs in other fields and do you have skills that will transfer you into something other than retail. What are your funds looking like right now? From what I have been hearing a lot of people didn't come back after furlough because they found employment elsewhere and there are people who have gotten other jobs and are planning to give notice, so there are obviously other jobs out there. Personally, I wouldn't sit around waiting for the ax to fall. But you know your situation better than anyone else.

To the original poster, your post has gotten some traction in the media. Don't know if that's a good or a bad thing.

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Post ID: @2bsw+15zYf7LT

They’re watching every penny I think. Anyone guessing on how long before they force 50 hour managers to work 40 to eliminate the OT?

Is it better to wait now and see about getting severance?

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Post ID: @2fpc+15zYf7LT

BB&B should have been making changes to the stores years ago. It's sad that leadership at BB&B, CTS, BBBby and WM had been making poor business decisions for several years which led to declining sales. But rather than get rid of the poor leaders and correct the bad decisions made in corporate, they blamed the people at store levels and got rid of many of us. We were the ones who were trying to execute the crazy plans and sell the wacky merchandise that they put into place. I was also disappointed to see that the CEO of one the brands slid into a new cushy CEO position at another retail establishment right after the big lay offs occurred this past March.

I hope that these stores can successfully execute a turn around, because I really would hate to see them close.

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Post ID: @2gnc+15zYf7LT

The store I'm at can't get enough help to stay open without reducing the store hours.

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Post ID: @2dtw+15zYf7LT

I worked for BBB for 20 years. I resigned during furlough. It is exciting to hear their plans on the new concepts going forward. However it is very sad as all the seasoned Managers salary and Dept Mgrs (let go a couple of years ago) were the back bone holding the stores together. I wish all of you that remain with this Company the best of luck and I do hope BBB will be successful in their business agendas. I am extremely happy in my current career. Time for you all to think about your personal futures.
Godspeed

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Post ID: @2szb+15zYf7LT

They really need to ween out all the dead wood in Corp. Everytime you call no one knows anything or it is not their job. It is ridiculous that the existing upper management whom was a part of the BBB down fall are still there making way to much money to bounce back and forth from one postion to another and do not have knowledge of the dept they are placed in. I really hope the CEO looks deep into this. Can save a whole lot of cash right there. I am so happy to have the pleasure to hand in my resignation. Movin on !!!!!!!

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Post ID: @2xou+15zYf7LT

They are laying off several call centers which are close to 1,000 employees which include one in Nj.

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Post ID: @2kbs+15zYf7LT

Way too much dead wood in Union anyway.

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Post ID: @1lay+15zYf7LT

There is no way that CTS and CPWM are going to generate a billion. Maybe 500m tops.

BBB issued WARN notices today to lay off 148 Union based associates in August. A good start lol...

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Post ID: @1wdb+15zYf7LT

Almost on my way out = I am about to put my notice in that I’m leaving for a better company, and relocating out of Jersey!

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Post ID: @1tgj+15zYf7LT

https://www.bloomberg.com/news/articles/2020-06-19/bed-bath-beyond-selling-christmas-tree-cost-plus-chains

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Post ID: @1wdk+15zYf7LT

Friday I read about CTS and Cost World.

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Post ID: @byy+15zYf7LT

How do you know this?

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Post ID: @twt+15zYf7LT

All this company cares about are its investors making money in the short term. Long term success means nothing.

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Post ID: @vin+15zYf7LT

Why I left. Company will not survive. Gotta sell off what they can. Buy a little more time. But the end is gonna come. Matter if time.

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Post ID: @zhq+15zYf7LT

yeah so who is buying CTS

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Post ID: @khg+15zYf7LT

almost on your way out?

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Post ID: @ety+15zYf7LT

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