Bed Bath and Beyond goes bankrupt

me 4/30/2023 06:24:00 AM

U.S. retailer Bed Bath & Beyond filed for bankruptcy on Sunday.

The firm plans to liquidate its stores following a failed turnaround effort that began in 2022.

Bed Bath & Beyond filed for Chapter 11 bankruptcy protection in New Jersey on April 23.

The firm had a total debt of $5.2B and assets of $4.4B in late November.
It also has between 25,001 and 50,000 creditors, the largest of which, BNY Mellon, has an unsecured claim of $1.18B.
The retailer plans to use its bankruptcy protection to start liquidating its fleet of 360 Bed Bath & Beyond stores and 120 Buy Buy Baby locations.
The company said it might "pivot away" from shuttering stores if it finds a buyer.