Bed Bath & Beyond is reportedly preparing to file for bankruptcy in the coming weeks as the struggling brick-and-mortar retailer faces persistent economic challenges plaguing efforts to turn around its business—further piling on to abysmal losses for a stock that more than tripled amid retail-trading mayhem during the pandemic.bankruptcy relief, but it’s not certain the measures will succeed.
The report comes after Bed Bath & Beyond shares crashed nearly 30% Thursday to $1.69—pushing shares down to lows last seen almost 30 years ago—after the firmrecurring losses in its latest quarters have contributed to “substantial doubt about the company’s ability to continue.” The retailer said it expects sales to collapse 33% to less than $1.3 billion in the latest quarter as a result of lower customer traffic and reduced levels of inventory, and it also stated it is exploring actions including restructuring, debt refinancing, selling assets and filing for bankruptcy relief.
“These measures may not be successful,” cautioned the firm, which expects to post a loss of about $385.8 million in its upcoming earnings report. In a statement, CEO Sue Gove blamed “inventory constraints” and “economic challenges,” including reduced credit limits that barred the firm from purchasing more merchandise, for the worse-than-expected performance.As customers turned to online shopping, Bed Bath & Beyond, which has struggled to build a strong digital presence, became one of the worst-hit brick-and-mortar retailers of the past decade.
Haha
You had money in BedBathBeyond until NOW!?!? Been to a strip mall last 5 years