Bed Bath&Beyond in pre-bankrupt state

Budrigannews.com – After a challenging holiday season that it hoped would provide a financial cushion for its months-long cash burn, Bed Bath & Beyond Inc. reported a loss of approximately $393 million for the quarter that ended on Tuesday.

After announcing last week that it was seeking outside advisors to investigate various options following years of declining sales, the company did not specify whether it would file for bankruptcy.

NASDAQ: Bed Bath & Beyond In addition, it stated that it had begun headcount and overhead expense reductions of approximately $80 million to $100 million across its corporate business.

In the third quarter, the business’s net sales decreased by 33% to $1.26 billion due to shoppers’ increased focus on items other than home goods, furniture, and decor, which are essential to the inventory mix at Bed Bath & Beyond.

Reuters reported earlier that the big-box retailer is considering delaying the debt payments that are due on February 1 in an effort to save money ahead of a possible bankruptcy filing.

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After taking on $375 million in financing in August but failing to persuade bondholders to exchange their investments for new debt earlier this month, Bed Bath & Beyond declared last week that it was considering all options, including bankruptcy.