Bed Bath & Beyond (BBBY) said in a statement Thursday that the company may need to resort to bankruptcy as it seeks to shore up a shaky balance sheet and continues to struggle financially.

In the statement, the company said, “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 added, “These measures may not be successful.”

Company shares fell almost 30% in the Thursday session, falling to levels not seen since 1993.

Sales dropped over 30% for the fiscal third quarter ending November 26th, 2022, from $1.878 billion in the same quarter last year, to $1.259 billion this year. The company noted those numbers were reflective of “lower customer traffic and reduced levels of inventory availability, among other factors.”

The company expects its net loss for the quarter will be $385.8 million.

The reported period does not include the majority of the key holiday shopping season, which many analysts predict may be the last holiday shopping season the retailer sees.

Bed Bath & Beyond said, “While the Company continues to pursue actions and steps to improve its cash position and mitigate any potential liquidity shortfall, based on recurring losses and negative cash flow from operations for the nine months ended November 26, 2022, as well as current cash and liquidity projections, the Company has concluded that there is substantial doubt about the Company’s ability to continue as a going concern.”