JUST IN: Bed Bath & Beyond bankruptcy might be next, retailer warns
Bed Bath & Beyond has been distressed for years, having failed to reinvent itself in the digital age.
The retailer said Thursday that it expects to report a 33% sales decline in the quarter that ended Nov. 26, "driven by lower customer traffic and reduced levels of inventory availability, among other factors." The company also said it expects to report a net loss of $386 million, up from $276 million a year earlier.Bed Bath & Beyond has dealt with disruption in the executive ranks, excess inventory and a variety of failed strategies, including an attempt to declutter its stores.
The company has also attracted the interest of meme stock traders inspired by a one-time investment of GameStop chair Ryan Cohen, but the stock plunged after Cohen sold off his shares.
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