Jan 10 Reuters Bed Bath Beyond will lay off more employees in an attempt to reduce costs, the company said on Tuesday, a week after announcing it was exploring options including bankruptcy.

Last year, company executives had said the home goods retailer was cutting about 20 of its corporate and supply chain workforce.

As our strategic direction changes and we streamline our operations, it is necessary to rightsize our organization to ensure we are equipped for the future, the company said in a statement on Tuesday, without revealing the magnitude of the new layoffs.

Earlier in the day, Bed Bath Beyond reported a thirdquarter loss of 393 million and said it has started cost reductions of about 80 million to 100 million across its corporate business, including overhead expenses and headcount.

Shares of the company shot up about 20 as retail investors speculated it could be a potential acquisition target.

CNBC, which first reported the latest layoff plans, also said Bed Bath Beyond would be eliminating the chief transformation officer role currently held by Anu Gupta.

Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Devika Syamnath

Source Reuters