After the home-goods retailer's cash reserve and sales declined in the most recent period, Bed Bath & Beyond Inc. said it plans additional layoffs and cost reductions.
During the three months ended November 26, the retailer's operations used up about $300 million in cash and ended the quarter with about $200 million in cash and equivalents.
The company announced last week that it was running low on funds and was considering several options, including filing for bankruptcy. According to people familiar with the situation, the retailer is in the early stages of planning a Chapter 11 bankruptcy filing, which could happen within weeks.
On a conference call with analysts, CEO Sue Gove stated that the company is pushing for $80 million to $100 million in cost savings across corporate functions, including an unspecified number of job cuts. This is in addition to the $500 million in savings announced earlier by the company.
It is also closing approximately 150 underperforming stores, a plan it announced in late August when it had over 700 Bed Bath & Beyond locations.
Bed Bath & Beyond reported quarterly results on Tuesday that were largely in line with the warning it issued last week.