Bed Bath & Beyond Inc on Thursday said it was exploring options including a bankruptcy filing to address the U.S. home goods retailer's plunging sales, dwindling cash and debt load, sending its shares tumbling.
Shares of the company were down 13% at $2.10 in premarket trading on Thursday as it also expects to record a loss of $385.5 million and see a 33% decline in sales for the third quarter.
"Our financial performance was negatively impacted by inventory constraints as we partnered with our suppliers to navigate both micro- and macro-economic challenges," Chief Executive Officer Sue Gove said.it had liquidity of $850 million but had burned through $325 million in the quarter.
Bed Bath & Beyond had earlier considered selling its valuable buybuy Baby stores that sell goods for infants and toddlers but held off in the hopes it could later fetch a higher price, Reuters reported.Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shounak Dasgupta, Subhranshu Sahu and Mark PorterNew York-based reporter covering U.S. consumer products spanning from paper towels to packaged food, the companies that make them and how they're responding to the economy.
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