Bed Bath & Beyond Inc on Tuesday reported a quarterly loss of about $393 million after a tough holiday season that it hoped would provide a financial cushion to its months-long cash burn.
A shopping cart is seen at a Bed Bath & Beyond store in Manhattan, New York City, U.S., June 29, 2022. REUTERS/Andrew Kellyon Tuesday reported a quarterly loss of about $393 million after a tough holiday season that it hoped would provide a financial cushion to its months-long cash burn.
Bed Bath & Beyond also said it started cost reductions of about $80 million to $100 million across the business, including overhead expenses and headcount. Bed, Bath and Beyond's inventory fell to $1.44 billion in its holiday quarter, down 24.9% year on year, after shedding some of its owned brands. Bed Bath & Beyond said last week it was exploring options, including bankruptcy, after taking on $375 million in financing in August and failing to convince bondholders to swap out their investments for new debt earlier this month.
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