American home and hygiene brand Bed Bath & Beyond filed for bankruptcy protection after it couldn’t find a way to secure its funds to stay afloat. It has been reported New York Post.
According to court documents, the company estimates its estimated assets and liabilities at between $1 and $10 billion.
360 Bed Bath & Beyond and 120 buybuy BABY’s stores and websites will continue to serve customers but will initiate the process of closing stores.
In February, the retailer aimed to raise nearly $1 billion through preferred shares and warrants to avoid bankruptcy. The company took $360 million in a complex transaction that helped it pay off credit defaults and interest payments on prime bonds.
But at the end of March, Bed Bath & Beyond canceled the deal and announced plans to sell its shares for $300 million, warning once again that it could have to file for bankruptcy if it couldn’t secure the funds.
Previously reportedThe number of companies going bankrupt in the Netherlands doubled in January-March 2023.