Bed Bath & Beyond may file for bankruptcy this month

Bed Bath & Beyond, a domestic merchandise retailer, is facing financial trouble, with market expert Edward Moya expecting it to file for bankruptcy as early as this month. The company issued a 'going concern' warning on Thursday and said it will not be able to file its quarterly earnings report on time. The company's shares have fallen roughly 50% over the last week, increasing its losses to about 90% in one year.

Third quarter earnings are expected to be reported on Jan. 10, with net sales down 33% from the same time last year and a net loss widened to $385.8 million from $276.4 million. The company ended the quarter with $135.3 million of cash, a drop from $440 million year over year. Analyst Edward Moya attributes the company's struggles to its debt situation, strong competition, and a weakening economy.

It remains to be seen how Bed Bath & Beyond will handle the financial situation. The company is facing an uphill battle due to its debt, competition, and a struggling economy. It's possible that filing for bankruptcy may be their best option going forward.


More from Press Rundown