Bed Bath & Beyond said it raised $225M in a recent equity offering as it tries to stave off bankruptcy.
The retailer said it might seek to raise an additional $800M over the next ten months.
- Bed Bath & Beyond said in January that it was considering bankruptcy.
- The company recently announced plans to close around 400 of its roughly 760 retail stores.
- Two
vendor companies that work with Bed Bath & Beyond told Reuters that
the retailer had delayed or halted payments to them since January.
- Bed Bath & Beyond struggled during the pandemic lockdowns, with annual sales dropping by 17% in 2020 and 15% in 2021.
- Bed Bath & Beyond's stock fell by 52% in two days after activist investor Ryan Cohen sold his stake in the company last August.
- The stock is down nearly 81% over the past year.
