U.S. Sens. Cory Booker and Elizabeth Warren are demanding answers from Bed Bath & Beyond on how it handled worker severance and stock buybacks as the company slid into Chapter 11 earlier this year. In an open letter published last week, the lawmakers said the company is “failing to treat retail employees with dignity in the bankruptcy process.”
They are asking CEO Sue Gove and the company to commit to paying employee severance and benefits. Booker and Warren also called for the company to disclose by July 19 how many layoff notices it’s issued in the last 18 months, and to also report how much was spent on stock buybacks and dividends since 2014.
As the company continues to move through bankruptcy, “the workers who ran your business, staffed your retail stores, and fulfilled online orders are being forced to shoulder the brunt of the losses, while shareholders and some executives walk away unscathed,” the senators said.
Source: Retail Dive
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