Bed Bath & Beyond Inches Toward Bankruptcy With More Store Closures on the Way
Bed Bath & Beyond Inches Toward Bankruptcy With More Store Closures on the Way
Bed Bath & Beyond , Inches Toward Bankruptcy , With More Store Closures on the Way.
Bed Bath & Beyond has announced that the company will be closing an additional 87 locations along with all Harmon health and beauty stores.
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Bed Bath & Beyond has announced that the company will be closing an additional 87 locations along with all Harmon health and beauty stores.
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NBC reports that the news comes as the troubled retailer looks to consolidate assets ahead of a potential bankruptcy filing in the near future.
As we work with our advisors to consider multiple paths, we are implementing actions to manage our business as efficiently as possible, Bed Bath & Beyond, via statement.
The company added that the decision to close more locations was, "based on a variety of factors.".
In the latest announcement, the company said that it would also be closing five buybuy BABY stores.
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NBC reports that Bed Bath & Beyond has announced 237 store closures in the past year.
On January 31, Reuters reported that the company could potentially file for bankruptcy within the next week.
On January 31, Reuters reported that the company could potentially file for bankruptcy within the next week.
Last week, Bed Bath & Beyond said that it had defaulted on a loan to JP Morgan Chase and Co.
According to a Reuters report, the company is looking to skip additional debt payments due February 1.
The outlet reports that missing payments such as this is typically a sign that a distressed company is looking to conserve cash.
The turnaround plan put in place last year is not working... Put bluntly, the business is moving at rapid speed in the wrong direction with bankruptcy the most likely destination, Neil Saunders, GlobalData analyst, via Reuters.
The turnaround plan put in place last year is not working... Put bluntly, the business is moving at rapid speed in the wrong direction with bankruptcy the most likely destination, Neil Saunders, GlobalData analyst, via Reuters