Bed Bath & Beyond Reports Deeper Losses Than Prior Warnings
Bed Bath & Beyond (BBBY) reported deeper losses than expected after the company announced last week that it might have to seek bankruptcy.
The home goods retailer witnessed a net loss of $393 million for the third quarter, more than the $366 million net loss in the second quarter. Analysts last week had originally expected a $386 million loss for the quarter.
The company is struggling to keep its shelves stocked while it edges toward the brink of bankruptcy, as some suppliers began to halt shipments in recent months due to concern about its future outlook.
Several executives had told The Wall Street Journal that BBBY was running low on funds and that it was considering several options, including planning for a Chapter 11 bankruptcy filing….