Bed Bath & Beyond Warns Of Potential Bankruptcy

The New York Times reports:

Bed Bath & Beyond, the beleaguered home goods retailer, warned investors on Thursday about the darkening prospects for its future, saying that bankruptcy was a possible option.

The company reported preliminary earnings, noting lower sales and slower foot traffic compared to the prior year. The company said its sales were about $1.3 billion for the quarter ending Nov. 26, about a third lower than the year before.

The retailer estimated that it would record a loss of $386 million in its latest quarter, much worse than the $276 million loss in the previous year, and said it would need more time than expected to close its books.

Read the full article. The company’s CFO jumped to his death from a Manhattan skyscraper in September, days after the chain announced the closure of over 150 stores. Right wingers have predictably blamed the retailer’s woes on its decision to stop selling MyPillow products.

Breaking News: Bed Bath & Beyond said it had “substantial doubt” about its future, and warned investors that bankruptcy was possible.https://t.co/GHre1QfqSY

— The New York Times (@nytimes) January 5, 2023