Bed Bath & Beyond says it's running out of money after declining sales in recent years. It may need to file for bankruptcy protection — or worse.
Paul Sakuma/AP
The home-goods giant Bed Bath & Beyond says it's running out of money and may need to file for bankruptcy protection — or worse.struggled to find its footingNow Bed Bath & Beyond"has concluded that there is substantial doubt about the company's ability to continue as a going concern," the retailer. This means Bed Bath & Beyond has to consider all financial options, including restructuring, selling assets or going through bankruptcy.
"These measures may not be successful," the company added. Its stock price dropped more than 20% as soon as markets opened.Bed Bath said it expects to report sales declining by 33% compared to last year for the quarter that ended right after Black Friday, a reflection of"lower customer traffic and reduced levels of inventory availability." The forecast suggested losses would increase by almost 40% to $385.8 million.
The company plans to offer further details on Jan. 10, when it was scheduled for a financial report to investors. Bed Bath & Beyond has faced a crisis after crisis in recent years: a rise and crash as a meme stock, a leadership shakeup, trouble with suppliers, a turnaround intended to improve upon a previous turnaround,
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