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Bed Bath & Beyond slashes jobs

Bed Bath & Beyond Inc. said Aug. 3 that it has cut 880 department and store manager positions across half of its stores and almost a dozen of its buybuy BABY stores in the U.S., as part of its store management structure realignment to keep up with market changes.

The home furnishing retailer said it expects $16 million in annual pretax cost savings from the job reduction, with about $7 million of it coming in the remainder of fiscal 2017. It added that it also expects to incur pretax severance-related restructuring costs of $17 million in fiscal 2017, all of which will be accounted for in its second quarter.

There are no further layoffs planned with the realignment, the company said.