2023-04-23 19:08:03
United States, April 23, 2023.- US-based home furnishings and décor consortium Bed Bath & Beyond has filed for bankruptcy, after years of struggling to pay off outstanding debts and lacking capital to finance its operations.
Through a statement, the company specified that it has received a commitment from the investment firm Sixth Street Specialty Lending to receive financing of 240 million dollars that will allow them to keep their stores and web pages open in this process.
It should be noted that the company, which resides in New Jersey, maintains 360 Bed Bath & Beyond base establishments and 120 buybuy BABY.
For its part, the household goods franchise reported that the bankruptcy declaration has been made voluntarily to mediate the process of an orderly liquidation of its businesses while it is being carried out. “a limited marketing process to solicit interest in one or more sales of some or all of your assets.”
One of the reasons for Bed Bath & Beyond’s bankruptcy was the lack of customers both in physical stores and the notorious decline in online sales, in addition to some supply problems that made it difficult to replace some merchandise, which led the company to not be able to refinance your debt.
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