By James Rogers
Bed Bath & Beyond’s CEO says the company is considering ‘all strategic alternatives’ just days after the troubled home goods retailer said it may need to declare bankruptcy
Bed Bath & Beyond Inc.’s CEO says the company is considering “all strategic alternatives” just days after the troubled home goods retailer said it may need to declare bankruptcy.
The company’s CEO, Sue Gove, provided the update Tuesday as Bed Bath & Beyond (BBBY) delivered third-quarter results that missed analysts’ top and bottom line estimates. “As we shared last week, we continue to work with advisors as we consider all strategic alternatives to accomplish our near- and long-term goals,” Gove said in the company’s earnings statement Tuesday. “We have a team, internally and externally, with proven experience helping companies successfully navigate complex situations and become stronger.”
The CEO said that “multiple paths are being explored,” adding that the company is determining its next steps thoroughly, and in a timely manner. “We are committed to updating all stakeholders on our plans as they develop and finalize — particularly our employees and partners, who are the essential catalysts of our business and the cornerstones of our future,” she added.
See Now: Bed Bath & Beyond’s Q3 earnings fall below estimates as loss widens and same-store sales fell 32%
The troubled home goods retailer’s adjusted loss per share came to $3.85, wider than the $2.61 FactSet consensus. Bed Bath & Beyond’s sales fell to $1.259 billion from $1.878 billion a year ago, also below the $1.314 billion FactSet consensus.
The company’s stock rose 6.8% before market open Tuesday.
Bed Bath & Beyond’s bankruptcy warning marked the latest chapter in a downward spiral for the sometime meme stock darling
See Now: Bed Bath & Beyond bankruptcy warning marks latest chapter in troubled retailer’s downward spiral
The announcement, which sent Bed Bath & Beyond’s stock sinking toward a 30-year low, follows a turbulent few years marked by strategic missteps, cash burn, challenging underlying business trends, and the impact of the COVID-19 pandemic.
Bed Bath & Beyond’s stock hit a 52-week low of $1.27 on Jan. 6. The stock has fallen 87.7% in the last 12 months, outpacing the S&P 500 Index’s decline of 16.7%.
-James Rogers
(END) Dow Jones Newswires
01-10-23 0914ET
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