The company’s dismal sales continued through the holiday shopping season. Shares fell more than 18% on the news.
NEW YORK — Struggling Bed Bath & Beyond warned on Thursday that there’s substantial doubt about the company’s ability to continue as a “going concern” even as the home goods retailer continues to study options like refinancing its debt or restructuring its business in bankruptcy court.
The outlook came after the company’s dismal sales continued through the holiday shopping season. Shares fell more than 18% on the news. The chain said that its financial performance over the holiday season was hurt by inventory constraints and reduced credit limits that resulted in shortages of merchandise on the shelves.in a bid to turn around its beleaguered business. It closed about 150 of its namesakes stores and slashed its workforce by 20%. It estimated those cuts would save $250 million in the company’s current fiscal year. It also said it had lined up more than $500 million of new financing.
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