by Melissa Repko and Lillian Rizzo at CNBC
- Bed Bath & Beyond warned Thursday it’s running out of cash and is considering bankruptcy.
- The embattled home goods retailer is having trouble getting enough merchandise to fill its shelves and is drawing fewer customers to its stores and website.
- It anticipates a net loss of about $385.8 million for the third quarter, a nearly 40% jump in losses year over year.
Bed Bath & Beyond warned Thursday it’s running out of cash and is considering bankruptcy.
The retailer, citing worse-than-expected sales, issued a “going concern” warning that in the upcoming months it likely will not have the cash to cover expenses, such as lease agreements or payments to suppliers. Bed Bath said it is exploring financial options, such as restructuring, seeking additional capital or selling assets, in addition to a potential bankruptcy.
Shares of the company fell about 30% to close the day at $1.69 after Bed Bath issued the updates in a pair of financial filings. The stock earlier touched a 52-week low earlier in the day. Its market value has fallen to about $149 million as of Thursday’s close…