US retailer Bed Bath & Beyond has filed for bankruptcy. The listed company has been trying to stay afloat for some time, after seeing declining demand for its products in recent years.
The group warned in early January that it may have to file for bankruptcy because it was in a bad financial position. A few weeks later, CEO Sue Gove announced plans to cut costs by laying off people and closing stores. That decision was well received by investors at the time, after which the stake increased significantly.
But that success couldn’t reverse the long-term trend. In February, the retail chain has already tumbled nearly 50% after Bed Bath & Beyond reported it plans to raise funds with an equity issue. Business newspaper The Wall Street Journal reported Thursday that Bed Bath & Beyond was expected to file for bankruptcy within days. The company thus lost almost a fifth of its value.
Source: BNR
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