Bed Bath & Beyond sales drop 26%; tries to avoid bankruptcy
(CNN) - Bed Bath & Beyond says the company is struggling to stay afloat as more of its stores are losing sales.
The retail chain shared the company lost $366 million during its latest quarter.
Sales at stores open for at least a year plunged more than 25% in that same period.
The company says its stores have been offering too much merchandise that customers do not want and high-demand items have been out of stock at some stores.
Bed Bath & Beyond is trying to quickly reverse course to avoid bankruptcy. The company says it’s making adjustments to its inventory, eliminating a third of its own brands and adding well-known brands in their place.
The company also announced more strategies to try to win back shoppers like a new rewards program, an improved mobile app and new visual displays in stores.
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