The closures are part of a plan to try to stabilize the company’s finances and turn around its declining sales.
In August, the home goods retailer secured more than $500 million in new financing and announced it would close 150 of its stores and slash its workforce by 20%. The company said Tuesday it was on track to meet that goal and hinted the strategy likely will involve bankruptcy.
Bed Bath & Beyond initiated a turnaround plan in the third quarter of fiscal 2022, but it failed to gain enough traction, according to President and CEO Sue Gove. The retailer posted a net loss of nearly $393 million in its fiscal third quarter, deeper than the $276.4 million loss posted a year earlier.
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Bed, Bath & Beyond plans layoffs, store closings as sales fallBed Bath & Beyond’s fiscal third-quarter sales fell by a third. Its 'survival now looks unlikely,' an analyst said.
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Bed Bath & Beyond’s day of reckoningDays after disclosing bankruptcy is a real possibility, Bed Bath & Beyond, on Tuesday, will update investors on what’s ahead for the embattled home retailer which has been plagued with falling sales, allegations of financial fraud which surfaced following the suicide of its CFO and mounting store closures.
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