The home goods seller has been struggling with a dwindling cash pile as vendors have demanded payments more swiftly. The company said it is exploring options, including bankruptcy, after years of weakening sales and taking on $375 million in financing in August. Still, this month failed to convince bondholders to swap out their investments for new debt.
Bed Bath & Beyond To Lay Off More Employees and Cut Costs
Bed Bath & Beyond Inc has announced plans to lay off more employees and reduce costs as it struggles to stabilize its financial position. The company did not indicate whether it would file for bankruptcy protection but said it would lay off more employees to reduce costs.
It said it had started cost cuts of about $80 million to $100 million across the business. The company reported a net loss of $393 million for the fiscal third quarter that ended Nov. 26 and a 33% drop in net sales to $1.26 billion.
