and a widening loss for its fiscal third quarter that ended Nov. 26, compared with the year-ago period. Sales at stores opened at least a year — a key indicator of a company’s health — dropped 32%.
Its recently appointed president and CEO, Sue Gove, blamed the poor holiday performance on inventory constraints and reduced credit limits that resulted in shortages of merchandise on store shelves. Typically, struggling retailers file for bankruptcy protection after the holiday shopping season because they have a cash cushion coming from the two-month sales period.
Still, turning around Bed Bath & Beyond is expected to be difficult amid increasing competition from discounters. Its struggles come as the economy is weakening, and shoppers are tightening their purse strings. It has been trying to turn around its business and slash costs after previous management’s new strategies worsened a sales slump. The company announced in August Copyright 2023 The Associated Press. All rights reserved.
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