Bed Bath & Beyond says there’s substantial doubt about the company’s ability to continue

  • 📰 ksatnews
  • ⏱ Reading Time:
  • 80 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 35%
  • Publisher: 53%

Brasil Notícia Notícia

Brasil Últimas Notícias,Brasil Manchetes

Struggling Bed Bath & Beyond warned on Thursday that there’s substantial doubt about the company’s ability to continue as a “going concern” as sales continue to drop and it struggles to attract shoppers.

FILE - Shoppers enter and exit a Bed Bath & Beyond in Schaumburg, Ill., Jan. 14, 2021. Struggling Bed Bath & Beyond warned on Thursday that there's substantial doubt about the company's ability to continue as a"going concern" even as it continues to look at options like refinancing its debt or restructuring its business in bankruptcy court.

The Union, New Jersey-based home goods retailer said that it's looking at several options, including selling assets or restructuring its business in bankruptcy court. But it acknowledged that even those efforts may not be successful.“There is substantial doubt about the company’s ability to continue as a going concern,” the retailer said in a statement.Bed Bath & Beyond said it expects to report net sales of $1.26 billion for the third quarter ended Nov. 26.

Mired in a prolonged sales slump, the company also announced back in August that it would revert to its original strategy of focusing on national brands, instead of pushing its own store labels., who was ousted last June after less than three years at the helm. The company said it would get rid of one-third of its store brands, which had started to be rolled out in the last year or so. Besides Bed Bath & Beyond, the company also runs the buybuy Baby and Harmon chains.

Neil Saunders, managing director of GlobalData Retail, wrote in a report Thursday that Bed Bath & Beyond is “too far gone to be saved in its present form.” He noted that the company could restructure under Chapter 11, but it would still need to come up with a credible plan to reinvent the business, and that is going to be challenging, particularly in a weakening economic environment.

“A catalogue of missteps has run the company into the ground and has made it increasingly irrelevant,” he wrote. “Only very radical action will allow it to survive and even if it does, it will be a shadow of its former self.”

 

Obrigado pelo seu comentário. Seu comentário será publicado após ser revisado.

Overpriced and mediocre products where the quarterly released mailer ‘20% off coupon’ will enable the consumer to purchase exactly one (and only one!) item at the normal cost of the same product elsewhere. Good riddance!

It’s be a cool Airbnb. Sleep, shower, and maybe fry up some bacon in the morning. Just a thought…

Resumimos esta notícia para que você possa lê-la rapidamente. Se você se interessou pela notícia, pode ler o texto completo aqui. Consulte Mais informação:

 /  🏆 442. in BR

Brasil Últimas Notícias, Brasil Manchetes

Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.

Bed Bath & Beyond considers bankruptcy as ‘substantial doubt’ looms over ability to continue businessStruggling Bed Bath & Beyond warned on Thursday that there’s substantial doubt about the company’s ability to continue as a “going concern” as sales continue to drop and it struggles to attract shoppers.
Fonte: wsfa12news - 🏆 338. / 59 Consulte Mais informação »

Bed Bath & Beyond shares plummet as company warns of deeper financial troubles“Shares take a bath” seems like a missed headline opportunity That store is one of those ones where you wonder how it stays afloat. Mostly random crap Joe Bidens America. Enjoy.
Fonte: CNBC - 🏆 12. / 72 Consulte Mais informação »