{"id":20479,"date":"2023-04-23T17:16:12","date_gmt":"2023-04-23T17:16:12","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/bed-bath-beyonds\/"},"modified":"2023-04-23T17:25:27","modified_gmt":"2023-04-23T17:25:27","slug":"bed-bath-beyonds","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/bed-bath-beyonds\/","title":{"rendered":"Bed Bath & Beyond’s rocky ride to bankruptcy filing"},"content":{"rendered":"

(Reuters) – Bed Bath & Beyond Inc filed for Chapter 11 bankruptcy protection on Sunday after the home goods retailer failed to secure funds to stay afloat.<\/p>\n

In March, the company said it would sell $300 million worth of its shares to raise more capital and might have to file for bankruptcy if it failed to secure the funds.<\/p>\n

Here’s a look at some of the major developments at the retailer over the past year:<\/p>\n

Date Development <\/p>\n

March 7, GameStop Chairman Ryan Cohen discloses a near <\/p>\n

2022 10% stake in the company and says he wants the <\/p>\n

retailer to explore strategic alternatives that <\/p>\n

include a full sale. <\/p>\n

March 25, Bed Bath & Beyond and Cohen reach a settlement <\/p>\n

2022 where three new directors will join the <\/p>\n

company’s board and it will look for <\/p>\n

alternatives for its buybuy Baby unit. <\/p>\n

April 13, The company reports a surprise quarterly loss on <\/p>\n

2022 a 22% slump in sales, which it blames on <\/p>\n

supply-chain issues and falling store traffic. <\/p>\n

June 29, The company replaces Chief Executive Officer <\/p>\n

2022 Mark Tritton as part of a management shake-up to <\/p>\n

reverse a slump in its business. <\/p>\n

Aug. 16, Shares of the company jump nearly 30%; analysts <\/p>\n

2022 point to a short squeeze on the meme stock. <\/p>\n

Aug. 18, The company’s stock plunges after a regulatory <\/p>\n

2022 filing shows that Cohen exited his position in <\/p>\n

the company. <\/p>\n

Aug. 31, Bed Bath & Beyond secures more than $500 million <\/p>\n

2022 in financing, pauses plans to sell buybuy Baby, <\/p>\n

announces plans to close 150 stores, cut jobs <\/p>\n

and overhaul its merchandising strategy. <\/p>\n

Sept. 04, Chief Financial Officer Gustavo Arnal falls to <\/p>\n

2022 his death from New York’s Tribeca skyscraper, in <\/p>\n

what was later ruled a suicide. <\/p>\n

Sept. 29, The company says it is seeing early signs that <\/p>\n

2022 efforts to clear excess inventory are working <\/p>\n

and it expects its cash flow to break even in <\/p>\n

the fourth quarter. <\/p>\n

Oct. 26, Interim CEO Sue Gove will keep the role <\/p>\n

2022 permanently, the company says. <\/p>\n

Jan. 05, Bed Bath & Beyond is preparing to seek <\/p>\n

2023 bankruptcy protection in coming weeks, sources <\/p>\n

tell Reuters, after the company raises doubts <\/p>\n

about its ability to continue as a going <\/p>\n

concern. <\/p>\n

Jan. 10, The company reports a much wider-than-expected <\/p>\n

2023 quarterly loss and sales that plunged by a <\/p>\n

third, failing to halt the months-long cash burn <\/p>\n

that led to warnings of a possible bankruptcy. <\/p>\n

Jan. 10, Bed Bath & Beyond says it would lay off more <\/p>\n

2023 employees in an attempt to reduce costs. <\/p>\n

Jan. 11, Shares of the retailer surge 69% and then <\/p>\n

2023 another 20% after the bell, as individual <\/p>\n

investors piled in, extending stock’s rebound <\/p>\n

from multi-decade lows hit earlier and reviving <\/p>\n

a rally in other meme stocks. <\/p>\n

Jan. 18, CNBC reports that the company has been in talks <\/p>\n

2023 with prospective buyers and lenders. <\/p>\n

Jan. 26, Bed Bath & Beyond says it received a notice of <\/p>\n

2023 default on its loan from JPMorgan Chase Bank <\/p>\n

N.A., triggering a 22% slump in its shares. <\/p>\n

Jan. 27, Bloomberg News reports the company’s efforts to <\/p>\n

2023 find a buyer ahead of a likely bankruptcy filing <\/p>\n

have stalled. <\/p>\n

Jan. 30, Reuters reports the company is seeking <\/p>\n

2023 bankruptcy protection as soon as this week, and <\/p>\n

negotiating a loan with investment firm Sixth <\/p>\n

Street. <\/p>\n

Feb. 6, Company says in a filing that it plans to raise <\/p>\n

2023 about $1 billion through an offering of <\/p>\n

preferred stock and warrants in a move to stave <\/p>\n

off bankruptcy. <\/p>\n

Feb. 7, Retailer says it raised about $225 million in an <\/p>\n

2023 equity offering and may get another $800 million <\/p>\n

over the next 10 months. <\/p>\n

Feb. 10, A court filing posted on the website of <\/p>\n

2023 consultancy Alvarez & Marsal shows the company <\/p>\n

will wind down its operations in Canada. <\/p>\n

March 8, Company says it raised another $135 million in <\/p>\n

2023 an equity offering and was in the process of <\/p>\n

rebuilding its business. <\/p>\n

March 17, Retailer was seeking shareholder approval for a <\/p>\n

2023 reverse stock split in the range of 1-for-5 to <\/p>\n

1-for-10. <\/p>\n

March 30, Company announces plans to sell $300 million <\/p>\n

2023 worth of its shares and once again warned it <\/p>\n

might likely have to file for bankruptcy. <\/p>\n

\n

It also terminated its previous offering of <\/p>\n

preferred stock and warrants. <\/p>\n

April 5, Bed Bath’s board urges shareholders to approve <\/p>\n

2023 the reverse stock split and says if the plan <\/p>\n

fails, bankruptcy would be imminent. <\/p>\n

April 19, The company is preparing to file for bankruptcy <\/p>\n

2023 as early as the weekend, the Wall Street Journal <\/p>\n

reports, citing people familiar with the matter. <\/p>\n

April 23, The company files for Chapter 11 bankruptcy <\/p>\n

2023 protection. <\/p>\n

\n

(Reporting by Granth Vanaik, Ananya Mariam Rajesh in Bengaluru and Anirudh Saligrama; Editing by Shinjini Ganguli, Subhranshu Sahu and Devika Syamnath)<\/p>\n

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(Reuters) – Bed Bath & Beyond Inc filed for Chapter 11 bankruptcy protection on Sunday after the home goods retailer failed to secure funds to stay afloat. In March, the company said it would sell $300 million worth of its shares to raise more capital and might have to file for bankruptcy if it failed […]<\/p>\n","protected":false},"author":8,"featured_media":20480,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-20479","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXNPEJ3M02N-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/20479","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=20479"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/20479\/revisions"}],"predecessor-version":[{"id":20481,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/20479\/revisions\/20481"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/20480"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=20479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=20479"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=20479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}