UNION (dpa-AFX) - Bed Bath & Beyond Inc. (BBBY) announced a strategic restructuring program which includes a reorganization and simplification of its field operations, significant reduction in management positions, and outsourcing of several functions. The company commenced a workforce reduction impacting approximately 500 positions. The overall program is expected to reduce annual SG&A expense by approximately $85 million.
In connection with the restructuring program, the company expects to incur net pre-tax charges of approximately $26 million, which will be expensed in the fiscal 2019 fourth quarter.
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