Bed Bath & Beyond warned Thursday it may need to file for bankruptcy: 'There is substantial doubt about the company's ability to continue.'
NEW YORK — Struggling Bed Bath & Beyond warned on Thursday that the home goods retailer may need to file for bankruptcy as sales continue to drop and it struggles to attract shoppers.
"There is substantial doubt about the company's ability to continue as a going concern," the retailer said in a statement.Bed Bath & Beyond expects to report net sales of $1.26 billion for the third quarter ended Nov. 26. That would be a 32% drop from a year earlier. It also anticipates a net loss of roughly $385.8 million for the third quarter, wider than its loss of $276.4 million in the year-earlier period.
Listen now and subscribe: Apple Podcasts | Google Podcasts | Spotify | Stitcher | RSS Feed | Omny Studio In August, Bed Bath & Beyond announced it would shutter stores and lay off workers in a bid to turn around its beleaguered business. It closed about 150 of its namesakes stores and slashed its workforce by 20%. It estimated those cuts would save $250 million in the company's current fiscal year. It also said in August that it had lined up more than $500 million of new financing.
That reversed a strategy embraced by its former CEO Mark Tritton, who was ousted last June after less than three years at the helm. It 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.
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