Bed Bath & Beyond cuts 7% of corporate staff

Bed Bath & Beyond’s turnaround effort continues to draw yawns from Wall Street.

The home goods retailer Tuesday said it slashed 7% of its corporate staff and eliminated the combined roles of president and chief operating officer, which had been held by Eugene Castagna.

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The cost-cutting moves are expected to save the Union, New Jersey, company $30.7 million a year before taxes, and $18.9 million this year, the company said in a statement.

But Wall Street seemed unimpressed at the news and sent the stock down more than 2% in midday trading.

“No one is terribly surprised by this,” one analyst told The Post.

The cuts were spearheaded by the company’s interim CEO, Mary Winston, who has been trying to beat the company into shape after a trio of hedge funds blasted the company for sagging sales, saying it has “lost touch with modern retail.”

The company ousted its chief executive in May and added new members to its board in a bid to placate the hedge funds and settle a looming proxy battle.

“While decisions that impact our staff are difficult, today’s action is an important step in simplifying our corporate structure and ensuring our resources are aligned with the business we are managing today,” Winston said.

The stock, which is down more than 18% this year, closed down 2.1% at $9.16 a share.