Bed Bath & Beyond’s roller-coaster ride to potential bankruptcy  By Reuters


© Reuters. FILE PHOTO: Signage is seen at a Bed Bath & Beyond store in Manhattan, New York City, U.S., June 29, 2022. REUTERS/Andrew Kelly/File Photo/File Photo

(Reuters) – Bed Bath & Beyond Inc (NASDAQ:) has managed to stay afloat for now after raising cash to fund its operations.

The company, which was on the verge of filing for bankruptcy, found temporary relief on Tuesday after it raised about $225 million in an equity offering and said it might get another $800 million over the next 10 months.

The home goods retailer will, however, wind down its operations in Canada, a court filing posted on the website of consultancy Alvarez & Marsal showed on Friday.

Here’s a look at some of the major developments at the retailer over the past year:

Date Development

March 7, GameStop (NYSE:) Chairman Ryan Cohen discloses a near

2022 10% stake in the company and says he wants the

retailer to explore strategic alternatives that

include a full sale.

March 25, Bed Bath & Beyond and Cohen reach a settlement

2022 where three new directors will join the

company’s board and it will look for

alternatives for its buybuy Baby unit.

April 13, The company reports a surprise quarterly loss on

2022 a 22% slump in sales, which it blames on

supply-chain issues and falling store traffic.

June 29, The company replaces Chief Executive Officer

2022 Mark Tritton as part of a management shake-up to

reverse a slump in its business.

Aug. 16, Shares of the company jump nearly 30%; analysts

2022 point to a short squeeze on the meme stock.

Aug. 18, The company’s stock plunges after a regulatory

2022 filing shows that Cohen exited his position in

the company.

Aug. 31, Bed Bath & Beyond secures more than $500 million

2022 in financing, pauses plans to sell buybuy Baby,

announces plans to close 150 stores, cut jobs

and overhaul its merchandising strategy.

Sept. 04, Chief Financial Officer Gustavo Arnal falls to

2022 his death from New York’s Tribeca skyscraper, in

what was later ruled a suicide.

Sept. 29, The company says it is seeing early signs that

2022 efforts to clear excess inventory are working

and it expects its cash flow to break even in

the fourth quarter.

Oct. 26, Interim CEO Sue Gove will keep the role

2022 permanently, the company announces.

Jan. 05, Bed Bath & Beyond is preparing to seek

2023 bankruptcy protection in coming weeks, sources

tell Reuters, after the company raises doubts

about its ability to continue as a going


Jan. 10, The company reports a much wider-than-expected

2023 quarterly loss and sales that plunged by a

third, failing to halt the months-long cash burn

that led to warnings of a possible bankruptcy.

Jan. 10, Bed Bath & Beyond says it would lay off more

2023 employees in an attempt to reduce costs.

Jan. 11, Shares of the retailer surge 69% and then

2023 another 20% after the bell, as individual

investors piled in, extending stock’s rebound

from multi-decade lows hit earlier and reviving

a rally in other meme stocks.

Jan. 18, CNBC reports that the company has been in talks

2023 with prospective buyers and lenders.

Jan. 26, Bed Bath & Beyond says it received a notice of

2023 default on its loan from JPMorgan Chase (NYSE:) Bank

N.A., triggering a 22% slump in its shares.

Jan. 27, Bloomberg News reports the company’s efforts to

2023 find a buyer ahead of a likely bankruptcy filing

have stalled.

Jan. 30, Reuters reports the company is seeking

2023 bankruptcy protection as soon as this week, and

negotiating a loan with investment firm Sixth


Feb. 6, Company says in a filing that it plans to raise

2023 about $1 billion through an offering of

preferred stock and warrants in a move to stave

off bankruptcy.

Feb. 7, Retailer says it raised about $225 million in an

2023 equity offering and may get another $800 million

over the next 10 months.

A court filing posted on the website

Feb. 10, of consultancy Alvarez & Marsal

2023 shows

the company will wind down its

operations in Canada.


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