After failing to file its results for the third quarter of Fiscal Year 2022 with the U.S. Securities & Exchange Commission (SEC), struggling home goods retailer Bed Bath & Beyond was notified by Nasdaq Stock Market that it is not in compliance for continued listing on the world’s second-largest stock exchange.

In a Jan. 19 filing, the Union-based company disclosed it is at risk of being delisted but “continues to work diligently to finalize its quarterly report and plans to file … as promptly as possible to regain compliance with the listing rule.”

While there is no immediate effect on the listing or trading of Bed Bath & Beyond’s stock, the company has until March 13 – 60 calendar days from the notice date – to submit a plan to regain compliance, the company said.

If Nasdaq approves it, Bed Bath & Beyond would be allotted up to 180 days after the due date of its quarterly report (July 10) to execute the plan.

The notice comes as Bed Bath & Beyond considers filing for bankruptcy protection — a move that some analysts believe could come in weeks, if not days.

Amid declining sales, fewer shoppers and inventory outages, the company – which also owns Buybuy Baby and Harmon – is struggling to regain its footing.

In August 2022, Bed Bath & Beyond outlined a turnaround plan that called for a 20% reduction of its corporate and supply chain workforce, 150 store closures and the discontinuation of some private brands in favor of national brands. Months after introducing the strategy, the company continues to wrestle with losses and cash burn, prompting the chain to issue a going concern warning in a Jan. 5 filing with the SEC.

Just five days later, Bed Bath & Beyond reported a much wider-than-expected quarterly loss for the period that ended Black Friday weekend. A combination of reduced levels of available inventory and lower customer traffic drove net sales down to $1.26 billion for the three-month period ending Nov. 26 – a 33% decrease from the same quarter last year.

Bed Bath & Beyond reported a net loss of $393 million during the quarter, including impairment charges of $100 million, compared with a net loss of $276.4 million for the same timeframe a year ago. That pushed the company’s losses to $1.9 billion for the first nine months of the fiscal year dating back to February 2022.