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Bed Bath & Beyond Warns It May Go Out of Business
- Company planning for first-quarter bankruptcy as losses mount
- Retailer said there was ‘substantial doubt’ about its future
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Bed Bath & Beyond Inc. has begun preparations for a bankruptcy filing that would likely come during its first operating quarter of the year, according to people with knowledge of the moves who asked not to be named discussing confidential plans.
The Union, New Jersey-based company on Thursday called off a proposed debt exchange and said that it might not be able to continue as a going concern. The company’s shares slumped as much as 25% to $1.27 in New York trading Friday.