Bed Bath & Beyond To Begin Paid Parental Leave And Other New Benefits This July And Close Stores On Thanksgiving As Part Of A Commitment To Its Associates

Rhea-AI Summary

Bed Bath & Beyond (Nasdaq: BBBY) will implement three new paid benefit programs starting July 1, 2021, which include paid parental leave, company-paid short-term disability, and an associate relief fund. The new initiative aims to enhance employee welfare and strengthen the company’s Environmental, Social, and Governance strategy. Notably, stores will close on Thanksgiving Day, allowing associates time with family. The parental leave program offers 100% pay for up to 8 weeks, while the disability program offers similar terms for eligible associates.

Positive

• Introduction of 100% paid parental leave for up to 8 weeks for all benefits-eligible full-time Associates.
• Transition from Associate-paid to Company-paid short-term disability program, enhancing associate support.
• Creation of an associate relief fund supporting various hardships with an initial investment and a company match of 50% on donations up to $500,000.

Negative

• None.

UNION, N.J., June 28, 2021 /PRNewswire/ -- Bed Bath & Beyond Inc. (Nasdaq: BBBY) today announced that three new paid benefit programs will be implemented on July 1, including parental leave, short-term disability, and an associate relief fund, building upon the People pillar of Bed Bath & Beyond's recently unveiled Environmental, Social and Governance strategy. The Company also announced that it will close stores on Thanksgiving Day so that Associates can be with friends and family during the important holiday.

"Our purpose is to make it easy to feel at home, and that begins right here with our Associates and making investments that elevate our people-powered culture," said Lynda Markoe, EVP and Chief People and Culture Officer at Bed Bath & Beyond. "We're thrilled to implement these new Company-paid programs to support the well-being of our Associates and their loved ones. As we look ahead to Thanksgiving and a return to a 'new-normal,' we want our Associates to be home, happier and be able to welcome friends and family into their homes."

The three new company-paid programs that to be implemented in July for Associates include:

• Paid parental leave: This industry-leading program will provide for 100% of pay for up to 8 weeks after the birth, adoption or fostering of a new child for parents. This program will be offered to all US benefits-eligible, full-time Associates.
• Company-paid short-term disability: The Company will convert Associate-paid voluntary short-term disability program to a Company-paid program, providing for 100% of pay for up to 8 weeks and 60% of pay thereafter up to 26 weeks. This program will also be offered to all US benefits-eligible full-time Associates.
• Associate relief fund: The creation of a fund to support Associates through various hardships. All Associates, full-time and part-time, will be eligible to request grants through this fund. The Company will fund the program with an initial company investment and, in honor of its 50^th anniversary, is also committing to a Company match of 50% of all Associate donations up to $500,000 through the remainder of the fiscal year. 

Bed Bath & Beyond, buybuy BABY and Harmon Face Values stores in Canada will close on October 11 in observance of Thanksgiving in Canada, while stores in the U.S. will close on November 25 for the Thanksgiving holiday.

Customers still wishing to shop on Thanksgiving will be able to through the Company's digital channels and choose ship to home, or get their purchases when stores open the next day through curbside or in-store pickup, or Same Day Delivery. As Thanksgiving approaches, the Company will unveil great deals and inspiring products that will make it even easier for customers to feel at home and welcome family and friends to their Thanksgiving table.

About the Company

Bed Bath & Beyond Inc. and subsidiaries (the "Company") is an omnichannel retailer that makes it easy for our customers to feel at home. The Company sells a wide assortment of merchandise in the Home, Baby, Beauty and Wellness markets. Additionally, the Company is a partner in a joint venture which operates retail stores in Mexico under the name Bed Bath & Beyond.

Bed Bath & Beyond operates websites at bedbathandbeyond.com, bedbathandbeyond.ca, buybuybaby.com, buybuybaby.ca, facevalues.com and decorist.com.

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SOURCE Bed Bath & Beyond Inc.

FAQ

What new benefits is Bed Bath & Beyond introducing in July 2021?

Bed Bath & Beyond is introducing paid parental leave, company-paid short-term disability, and an associate relief fund.

How much parental leave will Bed Bath & Beyond provide?

The company will provide 100% pay for up to 8 weeks for parental leave.

What is the associate relief fund at Bed Bath & Beyond?

The associate relief fund will support associates through various hardships, funded by the company and matched donations.

When will Bed Bath & Beyond stores close for Thanksgiving?

Stores in the U.S. will close on November 25, 2021, for Thanksgiving.

What is Bed Bath & Beyond's stock symbol?

The stock symbol for Bed Bath & Beyond is BBBY.