Bed Bath & Beyond Inc. announced another round of cuts in the home-furnishing company’s bid to simplify its business and reverse years of flagging sales.

The company said it’s cutting about 500 jobs, a move it characterized as part of a “reorganization and simplification” of its field operations. Bed Bath & Beyond will also outsource some areas, and estimates restructuring will save it “several hundred million dollars over the long-run.”

Bed Bath & Beyond (BBY) is aggressively trying to revamp its business to compete with the online retailers, discounters and big-box stores that have eroded its sales. The company hired Mark Tritton from Target Corp. last year to take over as chief executive officer and he’s unleashed a slew of measures since including a $1 billion spending plan, the sale of its online personalized gift company and a restructuring of its leadership.

“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,” Tritton said in a statement.