THE WHAT? Bed, Bath & Beyond could be filing for bankruptcy within weeks, according to a report published by The Wall Street Journal.
THE DETAILS The US retailer’s shares plummeted at the end of last week after the company warned that it was low on funds and considering Chapter 11 proceedings. Sales for the third quarter of the current financial year, due to be announced later this week, are expected to fall by almost 33 percent with losses widening 40 percent to US$385.8 million, per The Wall Street Journal.
THE WHY? A spokesperson for Bed, Bath & Beyond told The Wall Street Journal that the company is working with advisors to improve liquidity and regain market share and ‘no determinations have been made at this time’.