By James Rogers
The home-goods retailer announced the closure of almost 130 stores on Jan. 10, just days after saying it may need to declare bankruptcy
Bed Bath & Beyond Inc. has received a warning that it is not in compliance for continued Nasdaq listing because the company has not yet filed its Form 10-Q quarterly report with the Securities and Exchange Commission.
In an SEC filing Thursday, the troubled home-goods retailer said it had received the Nasdaq notice on Jan. 12. The notice has no immediate effect on the listing or trading of Bed Bath & Beyond’s (BBBY) common stock on the Nasdaq , the filing said. “The Notice states that the Company has 60 calendar days from the date of the Notice, or March 13, 2023, to submit a plan to regain compliance with the Listing Rule,” Bed Bath & Beyond said in the filing.
“The Company continues to work diligently to finalize its Quarterly Report and plans to file its Quarterly Report as promptly as possible to regain compliance with the Listing Rule,” the filing continued.
Now read: Bed Bath & Beyond bankruptcy warning marks latest chapter in troubled retailer’s downward spiral
The company’s stock fell 7% before market open Friday.
Bed Bath & Beyond announced the closure of almost 130 stores on Jan. 10 as it attempts to resolve its financial woes. The company announced the closures, along with third-quarter results that missed analysts’ top- and bottom-line estimates, just days after saying it may need to declare bankruptcy.
Analysts see the specter of Chapter 11 looming large over the retailer. The announcement that the sometime meme-stock darling may need to declare bankruptcy sent Bed Bath & Beyond’s stock sinking toward a 30-year low and followed a turbulent few years marked by strategic missteps, cash burn, challenging underlying business trends and the impact of the COVID-19 pandemic.
Now read:Bed Bath & Beyond may be heading for a ‘meme squeeze’
The company’s stock has fallen 70.8% in the last 12 months, outpacing the S&P 500’s decline of 13%.
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