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Bath & Body Works to cut 130 jobs
https://www.whatjobs.com/news/usa/us-employment-news/bath-body-works-to-cut-130-jobs
By Nagasunder in US Employment News, posted August 20, 2022
Bath & Body Works is laying off 130 employees, most of which are in management positions, as it looks to cut costs.
The layoffs are the latest by the Columbus-based company, which also includes its former sister company, Victoria's Secret, as well as OhioHealth, Olive, and auto insurance company Root.
The retailer said: "As part of efforts to better position the organization for long-term growth and create organizational efficiencies, the company recently simplified and realigned its operating structure, these actions included the elimination of about 130 roles, the majority of which were leadership positions."
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Bath & Body Works anticipates that the cuts will save about $30 million in the second half of the year.
It is expected around $6 million will be paid out in severance and other charges.
Last month, Victoria's Secret announced the layoff of 160 employees, mostly in management, at its corporate headquarters in Reynoldsburg, while OhioHealth announced the elimination of 637 jobs as part of a push to improve patient care.
Meanwhile, at the start of the year, Olive laid off 450 employees and Root laid off 330.
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L Brands used to own Bath & Body Works and Victoria's Secret. A year ago, they split into two companies.
The company reported revenue of $1.6 billion for the quarter ended July 30, down 5% from the previous year but up 45% from the second quarter of 2019.
The company posted a profit of $120 million, or 52 cents per share, for the period.
What is Bath & Body Works?
Bath & Body Works is an international company that sells personal care and beauty products in more than 1,700 North American stores and has nearly 300 stores in countries around the globe operating under franchise, license and wholesome arrangements.
Where it is headquartered? The company is headquartered in Columbus, Ohio
How many staff does it have? Bath & Body Works has 56,900 employees
What is its annual revenue? The annual revenue is $13 Billion.
Source: Dispatch
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