Bed Bath & Beyond’s CEO says the company is considering 'all strategic alternatives,' but experts see bankruptcy looming.
Bed Bath & Beyond is in the spotlight again after announcing the closure of almost 130 stores — along with third-quarter results that missed analysts’ top- and bottom-line estimates — just days after the troubled retailer said it may need to declare bankruptcy.
“We continue to work with advisors as we consider all strategic alternatives to accomplish our near- and long-term goals,” Bed Bath & Beyond BBBY CEO Sue Gove said in a statement Tuesday. Now read: Bed Bath & Beyond’s Q3 earnings fall below estimates as loss widens and same-store sales fell 32% The Creditsafe CEO said that Bed Bath & Beyond’s decision to close stores could be a good thing, allowing it to cut back on the amount of space it needs to hold stock and reducing the amount of debt it needs to take on. “It’s important to keep in mind that bankruptcy doesn’t mean the end,” he added. “It’s more of a restructuring and will give Bed Bath & Beyond the ability to establish transparency with suppliers and minimize its financial, legal and compliance risks.
The announcement, which sent Bed Bath & Beyond’s stock sinking toward a 30-year low, follows a turbulent few years that have been marked by strategic missteps, cash burn, challenging underlying business trends and the impact of the COVID-19 pandemic.
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