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![]() ![]() The Company believes this dual-path process will best maximize value.Īdditional information is available at. In the event of a successful sale, the Company will pivot away from any store closings needed to implement a transaction. Alongside these efforts, the Company is also strategically managing inventory to preserve value. The Company has filed motions with the Court seeking authority to market Bed Bath & Beyond and buybuy BABY as part of an auction pursuant to section 363 of the Bankruptcy Code. ![]() intends to use the Chapter 11 proceedings to conduct a limited sale and marketing process for some or all of its assets. While the Company has commenced a liquidation sale, Bed Bath & Beyond Inc. Actions have been underway to improve merchandise assortment, streamline supply chain, and optimize its store footprint. In late 2022, the Company initiated a significant turnaround plan to reset foundational elements of its operational and financial positioning to better serve customers, employees, and supplier partners. We will continue working diligently to maximize value for the benefit of all stakeholders."įor decades, Bed Bath & Beyond set the standard across the home goods sector and held its position through many different economic cycles and alongside a continuously evolving customer. We deeply appreciate our associates, customers, partners, and the communities we serve, and we remain steadfastly determined to serve them throughout this process. 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. But virtually every penny of that went to Bed Bath's creditors.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. A deal with hedge fund Hudson Bay Capital Management - which capitalized on the retailer's bafflingly resilient status as a meme stock - generated $360 million of fresh cash over seven weeks in February and March. But in its final days, its undoing was simple: it could no longer generate enough cash to pay its lenders, even after eleventh-hour equity deals bought the company a few months of time. The usual retail problems, such as a slow transition to online sales, were at the heart of the retailer's long and painful demise. The inevitable arrived for Bed Bath & Beyond on Sunday when it filed for bankruptcy with a plan to close its doors. Send us feedback and tips at or Tweet/DM to. ![]() We also have the latest on the French supermarket chain Casino and ATM-maker Diebold. It’s Amelia Pollard in New York and Eliza Ronalds-Hannon in Atlanta, where we traced Bed Bath & Beyond’s final days. ![]()
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