Household retail giant Bed Bath & Beyond said Thursday, continued financial struggles may force it into bankruptcy.

In a statement issued ahead of market open, the New Jersey-based company outlined the reasons causing it to scuffle financially, including lower customer traffic and reduced levels of inventory availability.

The 51-year-old company said its third-quarter balance sheet showed net sales dipped by $619 million over the previous year.

The company anticipates a net loss of approximately $385.8 million for the third quarter of fiscal 2022, including impairment charges of approximately $100.0 million, compared to a Net Loss of $276.4 million in the year ago period.

It also filed notice of late filing with the Securities and Exchange Commission for its quarterly report, citing a need for additional time to complete quarter-end close procedures.

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," Bed Bath & Beyond said in the statement.

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 $1.69 by the end of the trading day, marking their lowest point since 1993.

"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 U.S. Bankruptcy Code," the company said towards the bottom of its statement.

"These measures may not be successful."

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