Bed, Bath & Beyond Lays Off Over 100 Employees For This Reason

Bed, Bath & Beyond Inc. (BBBY) has laid off nearly 150 employees this week. The franchise, which has 65,000 employees, is becoming more interested in online consumers, a source told CNBC.

An estimated 100 employees were laid off from the company's Christmas Tree Shops while less than 50 employees were fired from Bed, Bath & Beyond locations.

In a memo to employees obtained by the outlet, the company's CEO, Steven Temares, highlighted the company's planned and completed initiatives to usher in a turnaround. They included re-platforming the websites, focusing on data-driven personalized marketing, improved merchandise, and a new, more efficient operating structure in its buying group.

Bed Bath & Beyond Inc. operates 1,024 of its namesake stores throughout the U.S., Puerto Rico, Mexico, and Canada.

This year, a number of popular retailers have been laying off employees and changing their brand. Gap announced they will be closing 230 of its stores over the next two years, and Charlotte Russe, popular for selling women’s clothing and shoes, revealed in March that they will be starting liquidation and closing all of their stores, leaving thousands of its employees without a job.