Bed Bath & Beyond Furloughs Majority Of Employees, Keeps Stores Closed During Coronavirus Pandemic

After announcing it was closing all of its stores in the U.S. and Canada because of the coronavirus pandemic, Bed Bath & Beyond (BBBY) has now furloughed the majority of its workers until at least May 2.

The home goods retailer said the temporary cuts will affect both its store associates as well as a portion of its corporate employees. The company said it will provide pay and benefits to workers until April 18, with healthcare costs being paid 100% until further notice.

Executive team members will also have their pay temporarily reduced by 30% while the company’s board of directors will forgo quarterly cash compensation by 30%. President and CEO Mark Tritton will also a 30% reduction in pay.

“This is a time of unprecedented disruption to our industry,” Tritton said in a statement. “We do not make these decisions lightly but, while the vast majority of our stores remain closed, we must now balance our ability to provide jobs and financial support for our associates in the short, medium and long-term, as well as prioritizing investments that will strengthen our business. We are therefore making the difficult decision today to place many of our associate team members on temporary leave, while our stores remain temporarily closed.”

With the furlough announcement, Bed Bath & Beyond also said that it will keep its retail stores closed until at least May 2. The company had previously announced its stores would be closed until April 3. The closures do not affect its buybuy Baby and Harmon Face Values stores as they will continue to provide essential infant, health, and personal care items in their stores, in accordance with state and local regulations.

Shares of Bed Bath & Beyond stock were up 4.2135% as of 2:18 p.m. EDT on Friday.