Household retail giant
In a statement issued ahead of market open, the
The 51-year-old company said its third-quarter balance sheet showed net sales dipped by
The company anticipates a net loss of approximately
It also filed notice of late filing with the
Executives are now exploring all options and not ruling anything out at this point.
"The company has concluded that there is substantial doubt about the company's ability to continue as a going concern,"
Analysts say the company is also struggling to keep pace with online retailers.
The company's shares on the NASDAQ Global Select Market Composite fell sharply on the news. Shares declined 0.72 points or 29.88% to settle at
"The company continues to consider all strategic alternatives including restructuring or refinancing its debt, seeking additional debt or equity capital, reducing or delaying the company's business activities and strategic initiatives, or selling assets, other strategic transactions and/or other measures, including obtaining relief under the
"These measures may not be successful."
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