Last Sunday (23), the Bed Bath & Beyond filed for bankruptcy protection after several failed attempts to raise funds to pay off its debts and stay in business.
This home goods retailer, known in the 1990s for its wide range of bed, table and bath items, has faced a reduction in demand in recent years due to its marketing strategies, including the launch of brands own.
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Last year, the company tried to introduce brands that were more recognizable to the public, but that effort was also unsuccessful. The company's losses for the past year alone are estimated to have been approximately $393 million, following a drop in sales of more than 33% in the last quarter of the year.
the bankruptcy filing
Headquartered in Union, New Jersey, Bed Bath & Beyond has filed for bankruptcy in Union, New Jersey district court. According to court documents, the company has accumulated more than 1 billion and 10 million dollars in debt.
In a press release, the company said it received an order of commitment for approximately $240 million in bankruptcy financing from Sixth Street Specialty Lending Inc.
In addition to the bankruptcy filing, Bed Bath & Beyond has also commenced a liquidation sale and plans to utilize the profits obtained from this operation to settle some or all of its debts, according to the statement disclosed.
The company also said its physical stores and websites, including 360 Bed Bath & Beyond stores and 120 buybuy BABY, will remain open and continue to serve customers as they work to close their stores.
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