- Retail store chain Bed Bath & Beyond Inc (NASDAQ:BBBY) is planning to file for bankruptcy in the coming weeks, sooner than expected.
- The latest development follows the company’s inability to survive competition and mounting debts, Reuters reported.
- The company on Thursday said it is exploring strategic alternatives, including obtaining relief under the U.S. Bankruptcy Code.
- It also raised concerns about its ability to continue as a going concern due to recurring losses.
- The report further said BBBY would probably skip debt payments due in February.
- In August last year, the retailer came out with a strategic plan to drive growth by securing a financing commitment of $500 million.
- Also Read: Here’s Why Bed Bath & Beyond Analyst Sticks To Underperform Rating & Cuts Price Target By 33%
- Price Action: BBBY shares are trading lower by 12.4% at $1.48 in premarket on the last check Friday.
- Photo Via Wikimedia Commons
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