February 3, 2023

NasdaqNewsUpdates

Complete News World

Bed Bath & Beyond shares are down as the company warns of deeper financial troubles

The Bed Bath & Beyond store is seen on June 29, 2022 in Miami, Florida.

Joe Riddle | Getty Images News | Getty Images

bed bath behind On Thursday, it warned that it was struggling to attract customers and boost sales, which is contributing to mounting losses and deep financial woes for the beleaguered home goods retailer.

On Thursday, the retailer also issued a “continuation,” warning that in the coming months it won’t have the cash to cover expenses, such as lease agreements or payments to suppliers. The company said it is exploring financial options, including filing for bankruptcy.

Related investment news

CNBC Pro

Shares of the company fell 17% in pre-market trading after Bed Bath Issued financial deposits.

Among its challenges, Bed Bath said fewer customers are coming to its stores and website and it has fewer merchandise to put on its shelves.

Net sales in the fiscal third quarter, which ended November 26, are expected to be about $1.26 billion — down sharply from $1.88 billion in the year-ago period.

It expects a net loss of about $385.8 million for the third quarter, up nearly 40% in losses year-over-year. Quarterly losses include approximately $100 million in impairment charges, which have not been identified.

The company will present full quarterly results and hold an earnings call on Tuesday.

This is breaking news. . Please check back for updates

See also  Oil stability in light of tight market competition with recession fears