Tribeca Citizen | Bed Bath & Beyond on the brink

Bed Bath & Beyond has predicted its own demise, but for now our store is still going despite recent closures of 150 stores. I know it is always a ghost town in there, but it is still a great resource for me. I hope they find a way to hang on. (Thanks to A. for the mention.)

You can read the news in all the business rags, and the Journal has its own tipsters that say the company is poised to file bankruptcy. But I went to BB&B’s media page to find a very long business update that ended with this:

“The Company has concluded that there is substantial doubt about the Company’s ability to continue as a going concern.”

And they go on: “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 US Bankruptcy Code. These measures may not be successful.”

The top of the release detailed the losses for the third quarter of 2022, which ended on Nov. 26:

  • Net Sales of approximately $1.259 billion compared to $1.878 billion in the year ago period
  • Net Loss of approximately $385.8 million compared to a Net Loss of $276.4 million in the year ago period

And this from the Journal: “Bed Bath & Beyond Inc. is preparing to file for bankruptcy within weeks after the home-goods retailer came up short on sales during the critical holiday season, according to people with knowledge of the matter. The retailer is in the early stages of planning for a chapter 11 bankruptcy filing and the discussions could extend into February, these people said.”

Thanks Amazon.

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