Company which shot to popularity in the 1990s has seen demand drop off as a strategy to sell more store-branded products flopped
Bed Bath & Beyond filed for Chapter 11 bankruptcy protection on Sunday, after failing to secure funds to stay afloat, and began a liquidation sale.The home goods retailer, which shot to popularity in the 1990s as a go-to for couples making wedding registries and planning babies, has seen demand drop off as a strategy to sell more store-branded products flopped.
Share prices surged as part of the “meme stocks” craze but nonetheless the Union, New Jersey-based retailer filed for bankruptcy in a New Jersey court, listing both its estimated assets and liabilities in the range of $1bn and $10bn, according to a court filing. While the retailer has begun a liquidation sale, it intends to use the Chapter 11 proceedings to conduct a limited sale and marketing process for some or all of its assets.
In January, the company raised doubts about its ability to continue – just months after it announced more than $500m in new financing, as well as job cuts and 150 store closures. In February, the retailer had planned to raise around $1bn through the offering of preferred stock and warrants to avoid bankruptcy.
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