Bed Bath & Beyond Canada shuts down

 

Bed Bath & Beyond Canada is shutting down operations, according to a court filing on Friday.   The move comes days after the struggling retailer raised cash to prevent its U.S. operations from going bankrupt. Bed Bath & Beyond's Canadian division is insolvent and will declare bankruptcy. The retailer's Canadian operations include 54 Bed Bath & Beyond outlets and 11 buybuy BABY stores. Bed Bath & Beyond raised about $225M in an equity offering last week in an effort to stave off bankruptcy in its U.S. operations. The company aims to raise a further $800M over the next 10 months. Bed Bath & Beyond Canada had assets worth $427.4M and liabilities of about $342.8M, according to the filing. Buybuy BABY Canada had assets of $52.7M and liabilities of about $86.9M.