Brief: Bed Bath & Beyond Inc. Files Voluntary Chapter 11 Petitions

Bed Bath & Beyond

23/04/2023 10:30

April 23 (Reuters) - Bed Bath & Beyond Inc  BBBY.O :
    * FILES VOLUNTARY CHAPTER 11 PETITIONS
    * $240 MILLION DEBTOR-IN-POSSESSION FINANCING SECURED TO
SUPPORT
ONGOING OPERATIONS AND CHAPTER 11 PROCESS
    * FOLLOWING COURT APPROVAL, COMPANY EXPECTS THIS FINANCING
TO
PROVIDE NECESSARY LIQUIDITY TO SUPPORT OPERATIONS DURING CHAPTER
11 PROCESS
    * BED BATH & BEYOND - INTENDS TO USE CHAPTER 11 PROCEEDINGS
TO
CONDUCT A LIMITED SALE AND MARKETING PROCESS FOR SOME OR ALL OF
ITS ASSETS
    * COMPANY IS ALSO STRATEGICALLY MANAGING INVENTORY TO
PRESERVE
VALUE
    * IN EVENT OF A SUCCESSFUL SALE, COMPANY WILL PIVOT AWAY
FROM ANY
STORE CLOSINGS NEEDED TO IMPLEMENT A TRANSACTION
    * BED BATH & BEYOND - CO'S 360 BED BATH & BEYOND AND 120
BUYBUY
BABY STORES AND WEBSITES WILL REMAIN OPEN AS COMPANY BEGINS
EFFORTS TO EFFECTUATE CLOSURE OF RETAIL LOCATIONS

Source text for Eikon:  ID:nPnbsYQYxa 
Further company coverage:  BBBY.O 

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