The company recently said it needed to generate $300 million from share sales by April 26 to stay out of bankruptcy.
and a pledge for $800 million to pay down its debt load in February, the company managed to stave off Chapter 11.
The home-goods retailer’s business has been declining, with preliminary results indicating a 40% to 50% drop in comparable-store sales for the quarter that ended on February 25.The company may get more time to raise capital from equity investors, but obtaining shareholder authorization to issue more equity is necessary and will be decided by a vote on May 9.
Holders of 428 million shares as of March 27 are eligible to participate in the vote, and the financially struggling company must obtain a majority for the proposal to be approved.
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