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Forever New Gift Card - Home goods retailer Bed Bath & Beyond has filed for Chapter 11 bankruptcy and is preparing to close its remaining stores, the company announced Sunday after months of speculation that the struggling chain would take a financial step. In a statement, Bed Bath & Beyond said it has filed for Chapter 11 bankruptcy in New Jersey and has begun a "limited sales and marketing process for some or all of its assets."
Source: www.forevernew.com.au
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The brand expects to close its 360 Bed Bath & Beyond and 120 BuyBy BABY stores, although the company said it could "avoid closing stores" if it finds a buyer. Bed Bath & Beyond received $240 million from Sixth Street Specialty Lending, Inc. To finance the operation of their retail locations and website during bankruptcy proceedings.
Bed Bath & Beyond said in a message to customers that it will stop accepting coupons on Wednesday, process returns until May 24 and accept gift cards until May 8. Earlier this month, shares of Bed Bath & Beyond hit a record low of 31 cents after the company said in a securities and exchange filing that the retailer "will not be able to avoid bankruptcy" unless a reverse stock split proposal is approved.
More than 1,500. So there used to be a chain of many retail shops. Bed Bath & Beyond first started in 1971 and finally went public in 1992. The brand's stock hit a record high of $79.32 in 2013. But like other retailers, it was plagued by layoffs and financial problems in the following years.
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In 2019, the company reported its first annual sales decline, according to the Wall Street Journal. In an interview with the Journal, co-founder Warren Eisenberg admitted that the brand has been slow to adapt to e-commerce and online shopping, saying that "the Internet has missed the boat."
Source: www.forevernew.co.nz
The retailer tried to revive its business by boosting online sales and introducing private label brands, but those efforts ultimately failed to save the company, and Mark Tritton — the former CEO who led that turnaround plan — left the company last year. In January, the Journal reported that the company was preparing to file for Chapter 11 in the coming weeks.
In the same month, Brand defaulted on his loan and warned that he did not have enough money to repay part of the loan. Although the company plans to cut costs and reduce store operations, it acknowledged that these measures "may not be successful". In March, Bed Bath & Beyond announced plans to offer and sell $300 million in stock in a last-ditch effort to avoid bankruptcy.
Bed Bath & Beyond has announced hundreds of store closings in recent months, part of an effort to keep the business afloat by closing underperforming locations. About 1,300 employees were laid off earlier this month after a 20% reduction in workforce in August. As of February 2022, the company employed approximately 32,000 people, including 26,000 store employees.
Key Background
Bed Bath & Beyond Falls to Record, Warns Bankruptcy May Come (Forbes) Bed Bath & Beyond Shares Fall 15% as Company Plans to Sell $300 Million in Stock to Avoid Bankruptcy (Forbes) RayID: 7bf58e47eb1aa0654 IP:278847847b1a054. b4a87d7 IP: 36.82.97.81 The easiest way to print your family memories.
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