Bed Bath & Beyond warns of bankruptcy again with new public offering
The exterior of the Bed Bath & Beyond store in Clifton, New Jersey, February 7, 2023.
Kena Betancourt | Corbis News | Getty Images
Bed Bath & Beyond It warns of filing for bankruptcy if its proposed $300 million equity offering doesn’t pay off.
The beleaguered retailer said it would likely have to file for bankruptcy protection if it did not receive any proceeds from its public offering announced Thursday.
In addition, the company revealed that a loan secured last year has been curtailed. The company said its $565 million revolving loan was down from $565 million to $300 million, according to Securities and Exchange Commission filings. As part of the loan modification, Bed Bath will be responsible for monthly interest payments.
Latest update comes after finalizing what the bed bath was At the time, it was believed to be a sale of Hail Mary stock. In February, more than $1 billion in stock was expected to be injected into the company. Bed Bath raised $225 million from that offer, which he used to pay off some of his debt.
But Bed Bath’s stock price has plummeted in recent months, weighing on its fundraising efforts. Shares fell about 17% on Thursday to below 70 cents a share.
On Thursday, the company also reported preliminary results for the fourth quarter. With net sales of about $1.2 billion, same-store sales he fell in the range of 40% to 50%. The company said it hadn’t exhausted its free cash flow, but pointed to continued negative operating losses.
The company reported revenue of $2.05 billion 4th Quarter of 2021.
Bed Bath was desperate to escape bankruptcy court. I have been looking for a buyer and investor for the last few months. CNBC previously reported.
Summarize this content to 100 words The exterior of the Bed Bath & Beyond store in Clifton, New Jersey, February 7, 2023. Kena Betancourt | Corbis News | Getty ImagesBed Bath & Beyond It warns of filing for bankruptcy if its proposed $300 million equity offering doesn’t pay off.The beleaguered retailer said it would likely have to file for bankruptcy protection if it did not receive any proceeds from its public offering announced Thursday.In addition, the company revealed that a loan secured last year has been curtailed. The company said its $565 million revolving loan was down from $565 million to $300 million, according to Securities and Exchange Commission filings. As part of the loan modification, Bed Bath will be responsible for monthly interest payments.Latest update comes after finalizing what the bed bath was At the time, it was believed to be a sale of Hail Mary stock. In February, more than $1 billion in stock was expected to be injected into the company. Bed Bath raised $225 million from that offer, which he used to pay off some of his debt.But Bed Bath’s stock price has plummeted in recent months, weighing on its fundraising efforts. Shares fell about 17% on Thursday to below 70 cents a share.On Thursday, the company also reported preliminary results for the fourth quarter. With net sales of about $1.2 billion, same-store sales he fell in the range of 40% to 50%. The company said it hadn’t exhausted its free cash flow, but pointed to continued negative operating losses.The company reported revenue of $2.05 billion 4th Quarter of 2021.Bed Bath was desperate to escape bankruptcy court. I have been looking for a buyer and investor for the last few months. CNBC previously reported.
https://www.cnbc.com/2023/03/30/bed-bath-beyond-again-warns-of-bankruptcy-with-new-stock-offering.html Bed Bath & Beyond warns of bankruptcy again with new public offering