Bed, Bath & Beyond Announces Possible Bankruptcy Filing

2022 was a devastating year for Bed, Bath & Beyond and it might never bounce back. 

Last Thursday, the company made the grim announcement that a bankruptcy filing is possible in the future. Bed, Bath & Beyond “has concluded that there is substantial doubt about the company’s ability to continue as a going concern,” according to the press release. 

The company stated its expected net sales as $1.259 billion, down from last year’s total of $1.878 billion. The company also anticipates a net loss of about $385.8 million in fiscal 2022, a significant difference from the net loss of $276.4 million in the year prior. 

However, CEO Sue Gove remains optimistic. According to the press release, Gove said “We have a clear vision for the future of the company. Today’s announcement underscores the importance of having initiated a turnaround at the start of the third quarter and why we strengthened our leadership team to execute each step with precision.” Additionally, Gove claimed Bed, Bath & Beyond’s financial performance was “negatively impacted by inventory constraints.”

The company plans to divulge further details to investors in a financial report on January 10.