By Sam Boughedda
Bed Bath & Beyond (NASDAQ:BBBY) shares slipped more than 9% Friday after the struggling retailer revealed it received a notice from Nasdaq stating that it is not in compliance with the exchange's listing requirements.
The company received the notice on January 12 due to the fact it has not yet filed its quarterly report with the SEC for the period ended November 26.
While the notice has no immediate impact on BBBY's listing or trading of its stock on the Nasdaq, it states the company has 60 calendar days from the date of the notice to submit a plan to regain compliance. If accepted, then Nasdaq may grant BBBY up to a further 180 calendar days from the due date to file the quarterly report.
"The company continues to work diligently to finalize its Quarterly Report and plans to file its Quarterly Report as promptly as possible to regain compliance with the Listing Rule," said Bed Bath & Beyond.
On January 10, Bed Bath & Beyond announced it would be laying off more employees in a move to reduce costs after it previously announced it was exploring options, including bankruptcy.