Domestic merchandise retail store Bed Bath & Beyond will axe 1,300 positions from its locations in New Jersey, US. Reuters reported the decision, citing the Worker Adjustment and Retraining Notification (WARN) notice.
The retailer will lay off the employees at its four locations, including at discount health and beauty chain Harmon. The job cuts are slated to come ahead of the new labour laws in the US state that will come into effect next month.
The new regulation requires companies with 100 or more employees to notify 90 days prior to plant closings and mass layoffs rather than the 60-day period. The news about the lay offs comes after Bed Bath & Beyond decided to close 87 more stores in February as it considered filing bankruptcy protection.
However, it was later reported by Reuters that the struggling retailer planned to raise around $1bn, through an offering of preferred stock and warrants, to avoid bankruptcy. Last month, the retailer raised around $225m in an equity offering amid this effort while private equity firm Sycamore Partners negotiated a deal to purchase the assets of Bed Bath & Beyond.
