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Bed Bath & Beyond Inc (NASDAQ:BBBY) shares are trading lower in Tuesday's after-hours session after rising more than 25% during regular market hours. New reports indicate the struggling retailer has hired a new restructuring advisor as it prepares for potential bankruptcy.
What Happened: According to a Wall Street Journal report citing people familiar with the matter, Bed Bath & Beyond has brought on consulting firm AlixPartners as its new restructuring advisor.
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AlixPartners will replace Berkeley Research Group, which Bed Bath & Beyond had been reportedly working with since the middle of last year. The home furnishings retailer has already been working on restructuring efforts with a separate law firm and investment banker.
Why It Matters: The news comes on the heels of Bed Bath's quarterly earnings report. Tuesday morning, Bed Bath & Beyond reported third-quarter revenue of $1.26 billion, which missed average analyst estimates of $1.34 billion, according to Benzinga Pro.
The company reported a quarterly adjusted net loss of $3.65 per share, which missed estimates for a loss of $2.11 per share.
Although Bed Bath & Beyond moved quickly to act on its turnaround plans, the company said inventory remained constrained during the quarter, and it failed to achieve its goals.
On the conference call following the release, CEO Sue Gove told analysts and investors the company continues to work with advisers to consider all strategic alternatives.
Multiple paths are being explored, and the next steps are expected to be determined "in a timely manner," Gove said: "We are implementing our plan expeditiously while managing our financial position in a changing landscape."
Related Link: Bed Bath & Beyond Stock Rallies Despite Q3 Earnings Miss: What Did Retailer's CEO Say On Conference Call?
BBBY Price Action: Bed Bath & Beyond has a 52-week high of $30.06 and a 52-week low of $1.27.
The stock was down 1.93% in after-hours at $2.02 at the time of publication, according to Benzinga Pro.
Photo: Mike Mozart from Flickr.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.