Bed Bath & Beyond is cutting about 500 jobs, or 10% of its corporate workforce, as part of a larger restructuring plan in a bid to trim expenses, the retailer announced Thursday.

The company said it is making a "significant reduction" in management positions across its business, as it pivots to outsourcing some tasks.

Bed Bath & Beyond said it expects to reduce expenses by roughly $85 million annually, as a result of this plan. It says it plans to trim several hundred million dollars in costs over the longer term.

"We are announcing extensive changes today to right-size our organization as part of our efforts to reconstruct a modern, durable business model," CEO Mark Tritton said in a statement. "We do not take this action lightly but, while difficult, these measured and purposeful steps are necessary. This will reset our cost structure, allowing us to re-invest where it matters most to our customers, to re-establish our authority in the Home space."

Bed Bath & Beyond said it is removing duplicate jobs and cutting certain middle layers of store management.

The retailer employees roughly 55,000 to 60,000 people overall, depending on the season. It has roughly 3,000 people working at its corporate headquarters, in New Jersey.

It said it expects to incur net pretax charges of about $26 million, mainly for paying out severance and related costs, which will be expensed in its fiscal fourth quarter.

The announced job cuts come after Bed Bath & Beyond earlier this month said it plans to spend up to $400 million on store remodels and supply chain upgrades, along with about $600 million this fiscal year on share repurchases and debt reduction.

Tritton, who became CEO in November after a successful stint as chief merchandising officer at Target, has said he is focused on fixing Bed Bath & Beyond's stores, with a focus on baby, home and beauty. Some of the company's other banners include Christmas Tree Shops, World Market and buybuy Baby.

Bed Bath & Beyond announced a deal earlier this month to sell its PersonalizationMall.com business, known for selling gifts for special occasions and holidays, to 1-800-Flowers.Com for $252 million.

Bed Bath & Beyond shares have fallen more than 35% over the past 12 months. The company has a market cap of $1.3 billion. Amid a broader market sell-off, the shares closed Thursday down 3%.