According to numerous reports Bed Bath And Beyond Inc (BBBY) is weighing plans to file for chapter 11 bankruptcy protection as soon as next week.
According to other reports, the company is also reportedly planning to skip debt payments that are due February 1st. Advisors state this is a typical move done by companies in distress on the verge of bankruptcy.
The retailer's shares are down 22% at $1.31, compared to Thursday when they were at 30% at $1.69, bed bath & beyond is planning to report significant third-quarter losses.
Company officials have stated that they are exploring a range of options which will most likely include filing for chapter 11 bankruptcy in an attempt to curve plummeting sales. Shares
Officials from the company have stated that they have not made any final decisions on what course they want to take.