According to legal filings, Bed Bath & Beyond hopes to find a buyer after filing for bankruptcy on Sunday.
The
retailer, which is proceeding with plans to close hundreds of stores,
hopes to find a buyer for its intellectual property, or to acquire Bed
Bath & Beyond or BuyBuy Baby as standalone businesses.
- The company expects to generate $718M from the sale of its inventory, which is expected to conclude by June 30.
- According to the bankruptcy filing, Bed Bath & Beyond has ~$4.4B in assets and $5.2B in debt.
- In
its most recent quarterly securities filing, the firm estimated that
the intangible value of its names and trademarks was $13.4M.
- Bed Bath & Beyond asked the bankruptcy court for a May 28 bid deadline and an auction on June 2.
- In recent months, the company tried to stave off bankruptcy with stock offerings and last-minute loans.
- Any funds raised from the sale of all or part of the business would go toward paying back secured creditors and bondholders.
- The company's stock dropped 35% after the bankruptcy was announced.
