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Bed Bath and Beyond Inc. provided a business update on Thursday, Jan. 5, and revealed some losses. It also hinted that it might not survive in the harsh business industry with the way things are going for the company.
Bed Bath and Beyond warned that it may have to file for bankruptcy protection soon. This decision is possible as there is “substantial doubt about the company’s ability to continue.” The American chain of domestic merchandise retail stores stated in a regulatory filing that this could happen because of its worsening financial situation.
The Wall Street Journal reported that the retailer could already be preparing for the bankruptcy filing while currently exploring strategic alternatives such as restructuring its debt, putting its assets up for sale, or seeking extra cash through a funding drive. The publication reported that the filing could come as early as within weeks, citing insiders who are familiar with the matter.
Moreover, the company is not only blaming its low sales but cited its inability to compete with major online stores and big-box retailers as another reason for its decline. On Thursday, Bed Bath & Beyond’s stock dropped to almost 30% and dipped below $2 a share, which is said to be the company’s all-time low record.
As per The New York Times, the firm may finalize its decisions with regard to the route that it will take - to file for bankruptcy or resort to other ways to save the company. The publication noted that this process might also take longer than anticipated.
As of February 2022, the retailer has been operating 950 stores and employs 32,000 workers. In August last year, BBBY said it would cut about 20% of its corporate employees and shut down 150 stores, so the figures may already be lower today.
"Despite more productive merchandise plans and improved execution, our financial performance was negatively impacted by inventory constraints as we partnered with our suppliers to navigate both micro- and macro-economic challenges,” Bed Bath & Beyond’s president and chief executive officer, Sue Gove, said in a press release.
She added, “We continue to manage our financial position amidst a changing landscape and work with expert advisors as we consider all paths and strategic alternatives to accomplish our short- and long-term goals. We look forward to providing an update on these fronts on our formal third quarter earnings call next week."
Phot by: MikeKalasnik/Flickr (CC BY-SA 2.0)
