Bed Bath & Beyond can add the risk of being delisted from the Nasdaq Stock Market to its long list of problems.
The embattled retailer has yet to file its quarterly Form 10-Q for the period ending on Nov. 26, 2022 which prompted a delisting warning which was disclosed in a Securities and Exchange filing.
The disclosure, which spooked investors on Friday, is another black eye for the retailer which is trying to stave off bankruptcy. The company added it is working diligently to finalize the data and plans to file as soon as possible to regain compliance with the listing rule.
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Bed Bath & Beyond now has until March 13, 2023, to submit a plan and regain compliance.
Meanwhile, the shares have plummeted to under $1.00.
Last week, the retailer began selling off assets to private equity firm Sycamore Partners ahead of a possible bankruptcy filing and announced the closing of 150 locations and incremental cost reductions of approximately $80 million to $100 million, including overhead expense and headcount, to deliver roughly $500 million in yearly savings.
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Despite inquiries from FOX Business, Bed Bath & Beyond has yet to provide comment.
Source: https://finance.yahoo.com/news/bed-bath-beyond-gets-nasdaq-203206975.html