United States of America. – The Bed Bath & Beyond Bankruptcy Files Series – Economics
US home and decor chain Bed Bath & Beyond has finally declared bankruptcy, after months of seeking to change course to avoid going into receivership, the company announced.
Specifically, according to the data provided, Bed Bath & Beyond had assets of $4,400 million (4,003 million euros) and total debt of $5,200 million (4,731 million euros) at the end of last November.
By filing a voluntary petition for Chapter 11 bankruptcy protection in the United States, the company, incorporated in 1971, is pursuing an orderly process of winding up its business as it attempts to complete the sale of some or all of its assets.
The company has received a financing commitment of approximately $240 million from Sixth Street Specialty Lending, which the company intends to use to support operations during the Chapter 11 process.
In any case, the chain has made it clear that its 360 Bed Bath & Beyond stores and 120 buybuy BABY stores, as well as the website, will remain open and continue to serve customers.
“We deeply value our associates, customers, partners, and the communities we serve, and remain steadfastly determined to serve them through this process,” said Sue Goff, President and CEO of Bed Bath & Beyond.
“We will continue to work diligently to maximize value for the benefit of all stakeholders,” he added.
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