Bed Bath & Beyond files for bankruptcy protection after long struggle

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Bed Bath & Beyond files for bankruptcy protection after long struggle

By Ronny Reyes   
April 23, 2023

Bed Bath & Beyond filed for bankruptcy Sunday after the home goods retailer failed to secure funds to stay afloat.

The retailer filed for Chapter 11 protection in New Jersey federal court, noting that its 360 Bed Bath & Beyond and 120 Buy Buy BABY stores and websites will remain open as it begins efforts to effect the closure of its retail locations.

“Thank you to all of our loyal customers,” the company said in a statement. “We have made the difficult decision to begin winding down our operations.”

The company added that customers will have Sunday, Monday and Tuesday to use their remaining 20%-off coupons at their stores.

Bed Bath officials said that the filing is meant “to implement an orderly wind down of its businesses while conducting a limited marketing process to solicit interest in one or more sales of some or all of its assets.”

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Source:  https://nypost.com/2023/04/23/bed-bath-beyond-files-for-bankruptcy-protection-after-long-struggle/

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Bed Bath & Beyond Files for Bankruptcy

Sean Moran 23 Apr 2023

Bed Bath & Beyond said on Sunday that it filed for Chapter 11 bankruptcy.

A statement released on Sunday found that the company’s 360 stores, and its 120 BABY stores, will remain open as the company goes through restructuring.

Sue Gove, the president and CEO of Bed Bath & Beyond, said the company would work “diligently to maximize value for the benefit of all stakeholders.”

She continued, “We deeply appreciate our associates, customers, partners, and the communities we serve, and we remain steadfastly determined to serve them throughout this process.”

In its bankruptcy filing, the company said its liabilities exceed $1 billion and that it had secured financing of $240 million from Sixth Street Specialty Lending to continue its operations during the bankruptcy proceedings.

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