Bed Bath & Beyond slashes 7% of corporate staff as the struggling company attempts to turn business around

Bed Bath & Beyond is cutting its corporate staff by 7% following a review of office costs.

The company said it is eliminating its chief operating officer position as part of the layoffs.

The company's longtime CEO Steven Temares stepped down in May, following pressure from a group of activist investors.

Furnishing retailer Bed Bath & Beyond Inc. said on Tuesday its chief operating officer was departing as part of a 7% cut in its corporate staff, following a review of office costs.

The company said it was eliminating the COO position, which was held by Eugene Castagna. The layoffs include vice presidents and directors.

In May, the company's long-time Chief Executive Officer Steven Temares stepped down, following pressure from a group of activist investors.