Bed Bath & Beyond filed on Sunday for Chapter 11 bankruptcy.
Bed Bath & Beyond filed on Sunday for Chapter 11 bankruptcy.
The corporate’s 360 retail outlets — along side its 120 buybuy BABY retail outlets — are anticipated to stay open because the store starts its bankruptcy restructuring, consistent with (*11*) launched Sunday. Online gross sales also are anticipated to proceed.
A buying groceries cart is observed at a Bed Bath & Beyond retailer in Manhattan, New York City, U.S., June 29, 2022.
Andrew Kelly/Reuters
Sue Gove, president & CEO, mentioned the corporate would paintings “diligently to maximize value for the benefit of all stakeholders.”
“We deeply appreciate our associates, customers, partners, and the communities we serve, and we remain steadfastly determined to serve them throughout this process,” Gove mentioned.
In a submitting in U.S. Bankruptcy Court within the District of New Jersey, the corporate mentioned its liabilities totalled greater than $1 billion. The corporate mentioned in a unencumber it had secured financing of $240 million from Sixth Street Specialty Lending to enhance its operations right through the turnaround procedure.
The New Jersey-based corporate indexed debt, together with long-term liabilities, totalling about $5.2 billion in its most up-to-date quarterly submitting with the Securities and Exchange Commission. Its property have been about $4.4 billion, together with about $153 million in case or equivalents.
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