Bed Bath & Beyond says it has 'substantial doubt' about its 'ability to continue as a going concern'
Bed Bath & Beyond’s warning that it may need to declare bankruptcy marks the latest chapter in a downward spiral for the troubled company.
On Thursday Bed Bath & Beyond Inc. BBBY said it has “substantial doubt” about its “ability to continue as a going concern” and may need to declare bankruptcy. The home goods retailer also said that it expects to record lower sales for the latest quarter than analysts were anticipating. Category and business model diversification are the growth engines of the future, according to the retail expert, who notes that Bed Bath & Beyond has neither. “Lack of diversification is yet another major obstacle,” she added.
Bed Bath & Beyond eyes turnaround, but fundamentals and underlying trends remain ‘challenging,’ say analysts In September the retailer and sometime meme stock darling reported a much wider-than-expected second-quarter loss, which at the time prompted Wells Fargo’s Fadem to describe the company’s results as “indefensible.”
“Bed Bath and Beyond was stuck between attempting to be a brand under Tritton’s leadership and returning to just being a place that has brands as Sue Gove’s strategy swung back to courting national brands,” Spieckerman added. “The shift back to national brands is particularly perilous and ill-timed now that Bed Bath & Beyond can’t pay its suppliers.”
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