Bed Bath & Beyond warns of bankruptcy
FILE - Shoppers enter and exit a Bed Bath & Beyond in Schaumburg, Ill., Jan. 14, 2021. 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 it continues to look at options like refinancing its debt or restructuring its business in bankruptcy court. (AP Photo/Nam Y. Huh, File)
NEW YORK — Bed Bath & Beyond warned on late last week that it may need to file for bankruptcy protection as it struggles to attract shoppers.
The home goods retailer, which has a Cranberry Township location, said that it's looking at several options, including selling assets or restructuring its business in bankruptcy court. But it acknowledged that even those efforts may not be successful.
Its stock fell 30% and ended Thursday at $1.69, its lowest level since November 1992.
“There is substantial doubt about the company’s ability to continue as a going concern,” the retailer said in a statement.
The company's assessment came as its dismal performance extended through the holiday season.
