Bed Bath & Beyond (BBBY) - Get Report  reportedly is laying off 150 of its 65,000 employees as part of a shift to better focus on its online operations, CNBC reported, citing a person familiar with the situation. 

About 50 of the employees were let go at the company's namesake stores, while other employees were reassigned to new positions in an effort to streamline roles and responsibilities.

Earlier this week a group of activist funds were reportedly preparing to launch a proxy fight to replace the retailer's board. 

The Wall Street Journal said that a group including Legion Partners Asset Management LLC, Macellum Advisors GP LLC and Ancora Advisors LLC were targeting Bed Bath & Beyond's board as well as CEO Steven Temares. 

The retailer has had seven consecutive quarters of declining same-store sales.

Bed Bath & Beyond was rising 0.16% to $17.20 on Thursday.

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