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Bed Bath & Beyond Files Bankruptcy

Bed Bath & Beyond Inc. has filed for Chapter 11 bankruptcy in the State of New Jersey, a court filing revealed. According to the filing, the company’s assets and liabilities both lie in the region of $1 billion to $10 billion, with its number of creditors ranging between 25,001 and 50,000.

The retail giant began speaking publicly about its financial issues in January when it stated that there was “substantial doubt” that it would be able to continue operating. It was around this time that the furniture outlet decided to pursue options for restructuring its debt. A month later, JPMorgan Chase & Co. submitted a default notice to the company for breaching terms on a credit line.

While the company received a lifeline in the form of $1 billion from hedge fund Hudson Bay Capital Management, the deal was soon terminated after Bed Bath & Beyond failed to meet stock-price minimums.

Previous efforts to rescue the company included a $375 million rescue loan in 2022 after the retailer closed stores and cut 20% of its workforce. Such efforts proved fruitless, however, as the company continued spending excess money.

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