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The end may be close to bed bath and above (BBB).
In a statement before the market opened on Thursday, the company said it is on the table as it works to increase its loss-making balance sheet amid continuing financial struggles.
“The Company continues to consider all strategic options, including restructuring or restructuring debt, seeking additional debt or equity capital, reducing or delaying the Company’s business activities and strategic initiatives, or selling assets, other strategic transactions and/or other actions. Under the US Bankruptcy Code, “Bed Bath & Beyond in a statement.
“These measures may not be successful.”
Bed Bath & Beyond shares fell 17 percent in premarket trading. The stock is trading at levels not seen since 1993.
In the year In the fiscal third quarter ending Nov. 26, 2022, sales fell more than 30 percent to $1.259 billion from $1.878 billion in the same quarter last year, “due to lower customer traffic and reduced inventory, among other factors.
Bed Bath & Beyond is expected to report a net loss of $385.8 million for the quarter.
Notably, the company’s timing does not include the major holiday shopping season, which some analysts say could be the last for the beleaguered retailer.
“Based on recurring losses and negative cash flow for the nine months ended November 26, 2022, the company continues to take steps and actions to improve its cash flow and address any cash shortfalls, as well as current cash and cash flow projections,” Bed Bath & Beyond said. The company concluded that there is substantial doubt about its ability to continue as a going concern.
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