Bed Bath & Beyond shares plummet after company warns of potential bankruptcy
Publishing timestamp: 2023-01-05 13:26:04
Summary
Bed Bath & Beyond warned Thursday that it is running out of cash and is considering bankruptcy due to worse-than-expected sales. The company is having trouble getting enough merchandise to fill its shelves and is drawing fewer customers to its stores and website. It anticipates a net loss of about $385.8 million for the third quarter, a nearly 40% jump in losses year over year. The company is exploring financial options, such as restructuring, seeking additional capital or selling assets, in addition to potential bankruptcy. Shares of the company fell about 30% to close the day at $1.69.
Sentiment: NEGATIVE
Keywords: target corp, business, earnings, business news, bed bath & beyond inc, retail industry, breaking news: business,