Our teams have worked with incredible purpose to support and strengthen our beloved banners, Bed Bath & Beyond and buybuy BABY. said, "Millions of customers have trusted us through the most important milestones in their lives – from going to college to getting married, settling into a new home to having a baby. Sue Gove, President & CEO of Bed Bath & Beyond Inc. Through the filing of customary motions with the Court, the Company intends to uphold its commitments to customers, employees, and partners, including continued payment of employee wages and benefits, maintaining customer programs, and honoring obligations to critical vendors. The Company's 360 Bed Bath & Beyond and 120 buybuy BABY stores and websites will remain open and continue serving customers as the Company begins its efforts to effectuate the closure of its retail locations. Following court approval, the Company expects this financing to provide the necessary liquidity to support operations during the Chapter 11 process. To facilitate this process, the Company has received a commitment of approximately $240 million in debtor-in-possession financing ("DIP") from Sixth Street Specialty Lending, Inc. The Wall Street Journal earlier reported the filing could come as soon as this weekend,” according to the WSJ. The company had said that a bankruptcy filing would likely trigger a liquidation of its remaining business, which ran low on money and merchandise to sell. Sales evaporated and its stock price tumbled well below $1 in recent weeks, as the rescue efforts dimmed. Nor were efforts to stem losses by closing hundreds of stores. It struck an unusual $1 billion financing deal with a hedge fund in February to put off a bankruptcy filing, then scrapped the deal and tried this monthto raise $300 million from other investors,” reports the Wall Street Journal. “It needed a $375 million loan to get through the holidays. and 73 affiliated debtors (collectively, the "Debtors") each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey." GET THE LATEST BREAKING NEWS HERE - SIGN UP FOR GOLOCAL FREE DAILY EBLASTĪccording to the case filing, "On April 23, 2023, Bed Bath & Beyond Inc. The company has warned of a potential bankruptcy for months. ![]() The Home goods company grew to be a national retail powerhouse and then faced a long an difficult downturn. We have made the difficult decision to begin winding down our operations,” is now the first line of the Bed, Bath & Beyond website. “Thank you to all of our loyal customers. Beth, Bath & Beyond files for bankruptcy PHOTO: Lumensoft Technologies
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |