Media: Bed Bath & Beyond prepares for bankruptcy

Robert Besser
22 Apr 2023, 20:46 GMT+10

Bed Bath & Beyond of Union, New Jersey is preparing to file for bankruptcy as early as within days
Once considered an innovator in the home goods sector, in recent years the failure of the company's merchandising strategy to sell more store-branded products has seen overall sales decline
This week, Bloomberg Law reported that Bed Bath & Beyond was in talks with advisers and lenders ahead of a bankruptcy filing

NEW YORK CITY, New York: Bed Bath & Beyond of Union, New Jersey is preparing to file for bankruptcy as early as within days.

Once considered an innovator in the home goods sector, in recent years the failure of the company's merchandising strategy to sell more store-branded products has seen overall sales decline.

This week, Bloomberg Law reported that Bed Bath & Beyond was in talks with advisers and lenders ahead of a bankruptcy filing, which could happen in a few weeks, and is also looking at financing options to help fund itself during bankruptcy.

The company has not responded to requests for comment on both reports.

In February, Bed Bath & Beyond failed to raise some $1 billion through an offering of preferred stock and warrants, only raising $360 million.

In March, it also planned to sell $300 million worth of shares, after warning that if the sale failed, it might have to file for bankruptcy.

In April, Bed Bath & Beyond said it was seeking shareholder approval for a reverse stock split in the range of 1-for-5 to 1-for-10 ratio, with the board urging shareholders to approve the split, claiming that if the plan does not go through, the company might have to file bankruptcy.

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