A bankruptcy announcement previously signaled by the company is widely expected by industry analysts.
This article is based on corporate postings and accredited media reports. Linked information within this article is attributed to the following outlets: RetailDive.com, CNBC.com, and BedBathandBeyond.gcs-web.com.
I write extensively about the Bed Bath & Beyond chain for NewsBreak. My January 5th article, “Bed Bath & Beyond Reportedly Expected to File For Bankruptcy” is particularly relevant to this current article in part due to recent company insight shared by the entity itself.
The article excerpted a January 5th report from RetailDive.com, entitled “Bed Bath & Beyond Warns it Could File For Bankruptcy,” that stated the financially unstable entity may soon be forced to close its doors in the event bankruptcy leads to that outcome.
As excerpted from the report: As sales continue to slide and losses grow wider, Bed Bath & Beyond said it has “substantial doubt” it can continue to operate as a going concern. CEO Sue Gove said that despite more productive merchandise plans, the struggling retailer’s financial performance was negatively impacted by inventory constraints and reduced credit limits, which resulted in lower levels of in-stock items.
Today has come word of a new round of layoffs, and also a meeting scheduled by the company for tomorrow to discuss its future.
Let us explore further.
Bed Bath & Beyond, 2023
According to a January 10th report from CNBC.com, entitled “Bed Bath & Beyond Lays Off More Employees As It Fights To Survive,” the beleaguered entity‘s continuance as a viable business concern may be close to expiring.
As excerpted from the report: Bed Bath & Beyond has begun its latest round of layoffs, as it fights to stay in business, according to a memo sent to employees Tuesday that was obtained by CNBC. The home goods retailer told employees that it is eliminating the chief transformation officer role, which is held by Anu Gupta, on the same day it reported disappointing fiscal third-quarter results.
Those third-quarter results are proving untenable. Specifically, Bed Bath & Beyond lost $393 million during the fiscal third-quarter, higher than the recently projected $385.8 million quarterly loss. Collectively, the net losses now exceed $1.12 billion for the first nine months of the fiscal year.
The CNBC.com report goes on to state: In the email to employees, CEO Sue Gove said the company is reducing its workforce “across our corporate, supply chain and store portfolio.” She did not say how many employees would be affected, but said it is necessary to ensure Bed Bath’s future.
A press release detailing the fiscal third-quarter earnings from Bed Bath & Beyond can be found here, on the corporate office’s website.
The future of Bed Bath & Beyond remains in question as an operating entity.
In the event of breaking updates to this evolving story, including tomorrow’s company meeting, I will share them here on NewsBreak.
Thank you for reading.
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