The post Bed Bath & Beyond Files Bankruptcy appeared first on theprimarymarket.com.
]]>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.
The post Bed Bath & Beyond Files Bankruptcy appeared first on theprimarymarket.com.
]]>The post Bed Bath & Beyond Reportedly Preparing for Bankruptcy Filing appeared first on theprimarymarket.com.
]]>Bed Bath & Beyond has been flirting with bankruptcy since January as a result of poor sales and thumbing stock. Last month, the company launched a stock-sale effort in an attempt to raise $300 million, saying that missing the mark would force Chapter 11 filing. It also asked shareholders for approval to initiate a reverse stock split in the range of 1-for-5 to 1-for-20 but failed to get it in time.
It became clear in early April that Bed Bath & Beyond would fail to clear the mark. They raised just $48.5 million by April 10th, according to WSJ, and were left with 178 million shares they could sell. Even if they cleared out all of them, they would still only get $70-$80 million considering the stock’s low value.
After Wall Street Journal’s report came out, Bed Bath & Beyond stock (BBBY) saw a slide of almost 20% to drop to $0.38 per share. The company’s shares have now lost 83.77% of their value since the start of 2023.
The post Bed Bath & Beyond Reportedly Preparing for Bankruptcy Filing appeared first on theprimarymarket.com.
]]>The post Bed Bath & Beyond Files Bankruptcy appeared first on theprimarymarket.com.
]]>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.
The post Bed Bath & Beyond Files Bankruptcy appeared first on theprimarymarket.com.
]]>The post Bed Bath & Beyond Reportedly Preparing for Bankruptcy Filing appeared first on theprimarymarket.com.
]]>Bed Bath & Beyond has been flirting with bankruptcy since January as a result of poor sales and thumbing stock. Last month, the company launched a stock-sale effort in an attempt to raise $300 million, saying that missing the mark would force Chapter 11 filing. It also asked shareholders for approval to initiate a reverse stock split in the range of 1-for-5 to 1-for-20 but failed to get it in time.
It became clear in early April that Bed Bath & Beyond would fail to clear the mark. They raised just $48.5 million by April 10th, according to WSJ, and were left with 178 million shares they could sell. Even if they cleared out all of them, they would still only get $70-$80 million considering the stock’s low value.
After Wall Street Journal’s report came out, Bed Bath & Beyond stock (BBBY) saw a slide of almost 20% to drop to $0.38 per share. The company’s shares have now lost 83.77% of their value since the start of 2023.
The post Bed Bath & Beyond Reportedly Preparing for Bankruptcy Filing appeared first on theprimarymarket.com.
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