CNN
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Bed Bath & Beyond lost a third of its sales during the holiday run-up and is running out of options to avoid bankruptcy.
The retailer said Tuesday that net sales fell 33% to $1.3 billion during its latest quarter ending November 26 compared with the same stretch a year ago. It lost $393 million during the quarter, a 42% increase from a year ago.
Last week, Bed Bath & Beyond issued a grim message about its future, warning that a bankruptcy filing is a possible outcome for the company.
There is “substantial doubt about the company’s ability to continue” because of its worsening financial situation, the home goods chain said in a regulatory filing Thursday.
The company added that it is exploring strategic alternatives, including restructuring its debt, seeking additional cash, selling assets and filing for bankruptcy.
This is a breaking news story and will be updated.
