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Bed Bath & Beyond may file bankruptcy

in News, Uncategorized
Bed bath & beyond may file bankruptcy
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Retailer Bed Bath and Beyond (NASDAQ: BBB) is running out of cash to over expenses, such as lease agreements and payments to suppliers, and may have to file for bankruptcy protection. However, at this time, the company is still exploring a variety of options, and has not made a final decision about which actions they plan to take.

The Union, New Jersey-based retailer’s problems have been compounded by supply chain issues, competition from big box stores, and a slower than anticipated holiday season. Another problem was strategic, as the retailer’s decision to increase its offering of private-label products during the pandemic fell flat with consumers.

In its prior financial update in the fall, the retailer said it had liquidity of $850 million but had burned through $325 million in the second quarter. It now carries a high debt load. Bed Bath & Beyond is scheduled to deliver full quarterly results and hold an earnings call on Tuesday, January 10th.

Tags: BankruptcyBBBBed Bath & Beyond

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