Bed Bath & Beyond will close 150 stores and slash 20% of its workforce to cut costs

Though Bed Bath & Beyond got a boost early in the pandemic when many people were spending more time at home, the gains didn't last, and earnings have continued to drop. (Michael M. Santiago/Getty Images)

Bed Bath & Beyond is cleaning house.

The retail giant, known for its ubiquitous coupons, announced job cuts and store closures in an effort to reduce costs as it continues to struggle with weak sales and a recent senior leadership shakeup.