The company said it had commenced an exchange offer to refinance its unsecured senior notes which expired on 4 January. Consequently, we have already leveraged the liquidity gained from the holiday season to immediately pursue higher in-stock levels with support from our key vendors.” “Reduced credit limits resulted in lower levels of in-stock presentation within the assortments that our customers expect. “Despite more productive merchandise plans and improved execution, our financial performance was negatively impacted by inventory constraints as we partnered with our suppliers to navigate both micro- and macro-economic challenges. The company added that it expected a net loss of about $385.8m for the third quarter of fiscal 2022. Bed Bath & Beyond will also consider delaying its business activities and selling assets in order to turn around its business.īBBY said net sales for the quarter ended 26 November 2022 were expected to fall by over 30% compared to the same period last year due to lower store footfall and reduced inventory. The company added that it is considering several strategic alternatives including restructuring, debt refinancing, and additional debt to revive its business. Bed Bath & Beyond issues bankruptcy warningīed Bath & Beyond warned shareholders on 5 January that the company could file for bankruptcy due to a shortfall in cash levels following poor sales performance. The company has a joint venture that operates 11 stores in Mexico under the name Bed Bath & Beyond. Bed Bath & Beyond stock is listed on the Nasdaq Stock Exchange under the ticker symbol BBBY.Īs of February 2022 full-year report, Bed Bath & Beyond operated 953 retail stores across the US, Puerto Rico and Canada. It was founded in 1971 by Warren Eisenberg and Leonard Feinstein. Bed Bath & Beyond is a retail store operator that sells home furnishings, beauty and wellness, and baby products.
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