The company’s dismal sales continued through the holiday shopping season. Shares fell more than 18% on the news.
NEW YORK — Struggling Bed Bath & Beyond warned on Thursday that there’s substantial doubt about the company’s ability to continue as a “going concern” even as the home goods retailer continues to study options like refinancing its debt or restructuring its business in bankruptcy court.
The outlook came after the company’s dismal sales continued through the holiday shopping season. Shares fell more than 18% on the news. The chain said that its financial performance over the holiday season was hurt by inventory constraints and reduced credit limits that resulted in shortages of merchandise on the shelves.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 it had lined up more than $500 million of new financing.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bed Bath & Beyond shares plummet as company warns of deeper financial troubles
Read more »
Bed Bath & Beyond bankruptcy might be next, retailer warnsThe beleaguered retailer faces 'substantial doubt' about its ability to continue operating.
Read more »
Bed Bath & Beyond exploring options including bankruptcy, shares fall 13%Bed Bath & Beyond Inc on Thursday said it was exploring options including a bankruptcy filing to address the U.S. home goods retailer's plunging sales, dwindling cash and debt load, sending its shares tumbling.
Read more »
Bed Bath & Beyond Shares Plunge as It Explores BankruptcyBed Bath & Beyond said there is doubt about its ability to keep operations funded as sales continue to fall. Shares dropped more than 18% premarket.
Read more »
Bed Bath & Beyond delivers grim warningBed Bath & Beyond delivered a grim warning to shareholders and customers about its future.
Read more »
Bed Bath stock plunges after warning that it may need to declare bankruptcyBed Bath & Beyond Inc. said Thursday that it has 'substantial doubt' about its 'ability to continue as a going concern'
Read more »