Bed Bath & Beyond eyes more layoffs as 3Q sales tank
Bed Bath & Beyond’s fiscal third-quarter sales fell by a third as the home goods company struggles to strike the right balance with its shoppers, a sign of its worsening outlook
Bed Bath & Beyond's (BBBY) fiscal third-quarter sales fell by a third as the home goods company struggles to strike the right balance with its shoppers, a sign of its worsening outlook.
The company, which has already been cutting costs, said Tuesday it will slash an additional $80 million to $100 million across the company, including an unspecified number of layoffs.
Last week, Bed Bath & Beyond cautioned that it may need to file for bankruptcy protection as it struggles to attract shoppers. It then said that it’s considering options including selling assets or restructuring its business in bankruptcy court. But the chain acknowledged that even those efforts may not be successful.
Sales slid 33% to $1.26 billion for the three months ended Nov. 26 from $1.88 billion a year earlier. Sales at stores open at least a year, a key gauge of a retailer’s health, dropped 32%.
