"Slow the cash burn is the name of the game for the next 6 to 12 months and allow the company to pivot into a profitable position." "They are essentially doing a reorganization outside of bankruptcy court," said Daniel Gielchinsky, an attorney at DGIM Law specializing in bankruptcy. They will give the company time to pursue a turnaround without a bankruptcy filing, which can be costly, out of its control and wind up in a liquidation. The moves are a lifeline for Bed Bath & Beyond. It will keep open its most profitable stores in key markets. The company said it plans to close around 400 of its roughly 760 Bed Bath & Beyond stores. The company has avoided a bankruptcy filing for now by completing a complex stock offering that will give it an immediate injection of $225 million in funds and a pledge for $800 million in the future to pay down its current debt load.īed Bath & Beyond is also shrinking to save money.
(CNN) - Bed Bath & Beyond, America's quintessential home furnishings' chain, is fighting to stay in business.
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