Bed Bath & Beyond's Canadian operations are going out of business, according to a court filing on Friday, two days after the retailer quickly raised cash to stave off a U.S. bankruptcy.
Toby Scott | Lightrocket | Getty Images's Canadian operations are going out of business, according to a court filing on Friday, two days after the retailer quickly raised cash to stave off a U.S. bankruptcy.
The Canadian division, which operates 54 Bed Bath & Beyond stores and 11 buybuy BABY stores, is insolvent, the filing posted on the website of consultancy Alvarez & Marsal showed. The Canadian business does not have the "capacity or ability to independently effect a recapitalization or restructuring of the Canadian operations without access to cash and the support" from the parent company and its lenders, according to the filing.The struggling retailer, which has been trying to avoid bankruptcy, raised about $225 millionearlier this week and said it may get another $800 million over the next 10 months.
Bed Bath & Beyond in January had raised doubts about its ability to continue as a going concern just months after itThe Union, New Jersey-based home goods retailer, which shot to popularity in the 1990s as a go-to shopping destination for couples making wedding registries and planning for new babies, has seen demand drop off in recent years as its merchandising strategy to sell more store-branded products flopped.
As of Nov. 26, the Bed Bath & Beyond banner in Canada had total assets of about $427.4 million and total liabilities of about $342.8 million, the filing showed.
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