Bed Bath & Beyond Plans To File For Bankruptcy Within Weeks: Report

Retail store chain Bed Bath & Beyond Inc BBBY is planning to file for bankruptcy in the coming weeks, sooner than expected.
The latest development follows the company’s inability to survive competition and mounting debts, Reuters reported.
The company on Thursday said it is exploring strategic alternatives, including obtaining relief under the U.S. Bankruptcy Code.
It also raised concerns about its ability to continue as a going concern due to recurring losses.
The report further said BBBY would probably skip debt payments due in February.
In August last year, the retailer came out with a strategic plan to drive growth by securing a financing commitment of $500 million.
Also Read: Here's Why Bed Bath & Beyond Analyst Sticks To Underperform Rating & Cuts Price Target By 33%
Price Action: BBBY shares are trading lower by 12.4% at $1.48 in premarket on the last check Friday.
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