Bed Bath & Beyond sales drop 26%; tries to avoid bankruptcy

FILE - Bed Bath & Beyond reports a drop in sales at open stores last quarter.
FILE - Bed Bath & Beyond reports a drop in sales at open stores last quarter.(Mike Mozart / CC BY 2.0)
Published: Sep. 29, 2022 at 2:20 PM CDT|Updated: Sep. 29, 2022 at 2:22 PM CDT
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(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.