Beleaguered retailer Bed Bath & Beyond is offering $300 million in stock in a last ditch effort as it warns of bankruptcy, again.
Bed Bath & Beyond said Thursday it is offering $300 million in stock as the company warns, once again, it may need to file for bankruptcy protection.In February Bed Bath & Beyond proposed a stock offering that would infuse $1 billion into the company, then considered a last-ditch effort by the retailer to stay out of bankruptcy court.An exterior view of a Bed Bath & Beyond store on February 7, 2023 in Clifton, New Jersey.
The beleaguered retailer said in a securities filing Thursday that its lenders downsized its loan. If it doesn't receive proceeds from the stock offering, Bed Bath & Beyond warned Thursday it will likely need to file for bankruptcy protection.In addition, the company disclosed that the loans it secured last year were downsized.
in February that had been expected to infuse more than $1 billion in equity into the company. From that offering Bed Bath brought in $225 million, which it used to pay some of its debts. Yet Bed Bath's stock price has been on a precipitous decline in recent months, weighing on its fundraising efforts. On Thursday its stock was down 6% to 75 cents a share.
On Thursday the company also reported preliminary results for its fiscal fourth quarter, with net sales of roughly $1.2 billion and comparable store sales declining in the range of 40% to 50%. The company noted negative operating losses have continued, although it noted it hasn't depleted its free cash flow.
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