The end may be near for Bed Bath & Beyond (BBBY).
In a statement published before the market open on Thursday, the company said bankruptcy is on the table as it works to shore up its leaky balance sheet amid continued financial struggles.
"The Company continues to consider all strategic alternatives including restructuring or refinancing its debt, seeking additional debt or equity capital, reducing or delaying the Company's business activities and strategic initiatives, or selling assets, other strategic transactions and/or other measures, including obtaining relief under the U.S. Bankruptcy Code," Bed Bath & Beyond said in a statement.
"These measures may not be successful," the statement added.
Bed Bath & Beyond shares fell nearly 30% in Thursday's session. The stock is trading at levels not seen since 1993.
For its fiscal third quarter ending November 26, 2022, sales dropped over 30%, to $1.259 billion from to $1.878 billion in the same quarter last year. The company said those numbers reflected "lower customer traffic and reduced levels of inventory availability, among other factors."
Bed Bath & Beyond expects to report a net loss of $385.8 million for the quarter.
Notably, this period for the company does not include the bulk of the key holiday shopping season, which some analysts have said will likely be the last for the struggling retailer.
"While the Company continues to pursue actions and steps to improve its cash position and mitigate any potential liquidity shortfall, based on recurring losses and negative cash flow from operations for the nine months ended November 26, 2022, as well as current cash and liquidity projections, the Company has concluded that there is substantial doubt about the Company's ability to continue as a going concern," Bed Bath & Beyond said.
Click here for the latest trending stock tickers of the Yahoo Finance platform
Click here for the latest stock market news and in-depth analysis, including events that move stocks
Read the latest financial and business news from Yahoo Finance
Download the Yahoo Finance app for Apple or Android
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube
Related Quotes
Police are piecing together what could've happened in a 72-hour window between Jan. 1, when Ava Walshe left her Massachusetts home, and Jan. 4, when she was reported missing.
The party may be over at Party City. Beloved theme and costume retailer Party City is said to be considering bankruptcy within weeks, and is talking to bondholders about converting its debt to equity to help shore up its balance sheet. The company is also exploring restructuring through AlixPartners LLP, the Wall Street Journal reported on Friday.
A report on Saturday indicated that Lovie Smith is making his case to Texans ownership for a second season in Houston and he might not be the only one in that position. Jay Glazer of Fox Sports reported Sunday that General Manager Nick Caserio’s job may not be safe either. Glazer reported that either Smith, [more]
Wake up and smell the diesel.
With a potential recession looming in 2023, we look for those names with the best chances of continuing to raise their payouts irrespective of economic conditions.
Don't mess with the uncertainty of the crypto market. Invest in these reliable companies for your portfolio instead.
These innovative stocks are surefire buys following a peak decline of 38% in the growth-driven Nasdaq Composite.
Time flies. But it also crashes.
When it comes to successful investing, Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) CEO Warren Buffett is in a class by himself. The so-called "Oracle of Omaha" has reigned over the company for more than 50 years, building a track record that's unmatched. When markets are down and uncertainty runs rampant, many investors look to emulate Buffett's success by finding inspiration among his holdings.
The tech-heavy Nasdaq Composite plunged 33% in 2022, coming off its worst year since 2008. After tech's heady days earlier in the pandemic, inflation reared its head for the first time since before the Great Financial Crisis, and the Federal Reserve raised interest rates at its fastest pace in decades. While some may be expecting a big bounce-back from the most beaten-down tech stocks (which have fallen the farthest), lots of uncertainty remains.
Although the dividend yield is tempting, investors need to dig deeper into the companies to understand why it's so high.
Berkshire owns New England Asset Management (NEAM), a financial institution with $5.9 billion in invested assets, but none of those securities will appear in Berkshire's 13F filings. Instead, NEAM files its own Form 13Fs with the Securities and Exchange Commission. To be perfectly clear, Buffett does not control NEAM's invested assets, at least not directly, but he does run the company that ultimately owns those assets.
In this article, we discuss Jim Cramer’s recession-proof stock picks. To skip to the top four stocks in this list, go to Jim Cramer’s Top 4 Recession-Proof Stock Picks. Warning bells for recession started ringing in 2022 and they haven’t stopped since. As if investors weren’t already spooked enough, a fresh warning comes straight from […]
The board of Pfizer Inc. ( NYSE:PFE ) has announced that it will be increasing its dividend by 2.5% on the 3rd of March…
For years, Carvana (NYSE: CVNA) was one of the fastest-growing stocks on the market. The online used car dealer put up a remarkable streak of 23 straight quarters of triple-digit revenue growth as it spread across the country with its simple and convenient way of selling used cars, taking much of the hassle out of a process that many Americans disliked. The pandemic briefly hit pause on the company's rocket-like rise, but sales soared again in 2021 as used car prices surged due to increased demand caused by the pandemic and a chip shortage that constrained new car manufacturing.
The time of tax loss harvesting for last year is behind us, and new IRA and 401(k) limits for the year bring with them the potential for new money headed into stocks. Thanks to those factors, three Motley Fool contributors went looking for companies whose shares appear oversold and thus worthy of consideration as potential investments. Eric Volkman (PayPal Holdings): Even in the beaten-down financial sector, you can't get much more thrashed than PayPal stock's drubbing in 2022.
In this article, we discuss 14 best stocks to buy before the 2023 recession. If you want to see more stocks in this selection, check out 5 Best Stocks To Buy Before the 2023 Recession. Investment advisory Barclays forecasts that 2023 will be one of the worst years for the global economy in forty years. […]
If there's an upside to a rough market, it's that when stocks fall, they often fall far enough that the company behind those shares looks like a downright bargain. Of course, even a bargain price is no guarantee of a positive return, especially in the near term. Grocery chain Albertsons (NYSE: ACI) has agreed to be bought out for $34.10 per share, less a $6.85 special cash dividend that has already gone ex-dividend.
While the healthcare industry may not seem at first glance like the most exciting place to invest your cash, it has proven to be one of the most resilient sectors for investing. Healthcare companies tend to supply the products and services that consumers need no matter what is happening with the market or the economy. If you are looking to add cash to more fantastic healthcare stocks in the month of January, here are two no-brainer buys that can enrich your portfolio over the long term.
The energy industry provides income-focused investors with lots of options. Several companies offer above-average dividend yields, making the sector great for earning passive income. Three excellent energy stocks for income are Enbridge (NYSE: ENB), Kinder Morgan (NYSE: KMI), and TC Energy (NYSE: TRP).
Bed Bath & Beyond warns it may go out of business, stock tanks to lowest levels in 30 years – Yahoo Finance
