Bed Bath & Beyond (NASDAQ:BBBY) -1% after-hours following news it will eliminate 2,800 jobs as part of a restructuring plan to cut costs and streamline operations.

The company says the cuts, which will begin immediately and affect both corporate headquarters and retail stores, are designed to reduce management layers and "significantly reposition field operations to better serve customers in a digital-first shopping environment."

Along with previously announced actions, the company says the latest moves will deliver as much as $150M in annual pretax cost savings.

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