Topline
Home goods retailer Bed Bath & Beyond filed for chapter 11 bankruptcy and is preparing to close its remaining stores, the company announced Sunday, after months of speculation the suffering chain would make the financial move.
Bed Bath & Beyond store sign, Queens, New York.
Key Facts
In a statement, Bed Bath & Beyond said it filed chapter 11 bankruptcy in New Jersey, and has begun a “limited sale and marketing process for some or all of its assets.”
The brand expects to close its 360 Bed Bath & Beyond and 120 buybuy BABY stores, though the company said it could “pivot away from any store closings” if it finds a buyer.
Bed Bath & Beyond received $240 million from Sixth Street Specialty Lending, Inc. in funding to keep its retail locations and websites operating during the bankruptcy process.
In a message sent to customers, Bed Bath & Beyond said it will stop accepting coupons on Wednesday, and it will process returns until May 24 and accept gift cards until May 8.
Earlier this month, shares of Bed Bath & Beyond’s stock fell to a record low of 31 cents, when the company said in a Securities and Exchange filing the retail giant could be “unable to avoid bankruptcy” if a proposal to implement a reverse split stock was not approved.
This is a developing story.
Source: https://www.forbes.com/sites/marisadellatto/2023/04/23/bed-bath–beyond-files-for-bankruptcy-and-plans-to-close-its-retail-stores/