Bed Bath & Beyond Warns of Possible Bankruptcy

Bed Bath & Beyond Inc. is again warning that it may declare bankruptcy if a $300 million stock offering doesn't bring in the needed funds. 

The company said the proceeds from the offering will be used immediately to fulfill previous commitments to invest in merchandise inventory and reduce its store footprint, as well continue seeking a potential buyer.

"The actions we've taken have enabled us to create the necessary financial runway to begin restoring our iconic Bed Bath & Beyond and buybuy BABY businesses," said CEO Sue Gove. 

"We have raised $360 million of equity capital since the beginning of February, cured our default under our credit agreement, repaid material amounts of our ABL facility, completed our interest payment for our Senior Notes, all while jumpstarting our turnaround plans."

Those turnaround plans include the development of a third-party consignment program that Grove said will allow the company to "fortify our product assortments by expanding merchandise availability from key supplier partners." 

She added that customer experience remains the company's "top priority."

More In Business

Video Game Performers Will Strike Over AI concerns

Hollywood’s video game performers are going on strike, throwing part of the entertainment industry into another work stoppage.

Widespread Gains Send Wall Street Higher To Close a Shaky week

U.S. stocks climbed Friday to close out a bumpy week dominated by sharp, market-cleaving swings.

Tech Stocks’ Terrible, Horrible, No Good, Very Bad Week

Pretty much all the tech stocks driving the market were looking shaky—and they weren't the only ones.

Small Stocks Are About to Take over? Wall Street Is Unconvinced...

Some of the smallest stocks on Wall Street have shown much more life recently. but professional investors still aren’t convinced.

Global Shares Tumble after Big Tech’s Wipeout on Wall Street

Global shares have dropped as pessimism set in over Wall Street's nose-dive related to Big Tech's pullback.

Domino's Q2: Strong Growth Amidst Inflation and Future Challenges

Domino’s Pizza reported a 7.1% revenue rise to $1.1B amid value meal competition and inflation. Q3 may slow, with caution on growth and consumer spending.

Load More