Bed Bath & Beyond, a home goods retailer that was once popular in the United States and that in the last few years has not been able to follow the pace of online shopping growth, has welcomed the 11-year-old banker. Domingo.
The retailer has been sincere about its problems since January after a period of weak Christmas sales, and since then it has had problems to administer its debt burden with additional financing. La compañía dijo que tiene la intención de continuar operando approximately 400 tiendas Bed Bath & Beyond y 120 ubicaciones adicionales de Baby Buy, mientras busca compradors para “algunos o todos sus activos” Planea cerarrlos todos a final de Junio.
The investment firm Sixth Avenue Partners, which previously offered a loan to Bed Bath & Beyond, is offering $240 million in debt financing in its possession for the bankruptcy process.
Foundado in 1971 in Nueva Jersey, El Minnesota se unio a la ola de las lamadas supertindas con grandes inventarios de productos especiales a precios bajos. At its peak in 2010, Bed Bath & Beyond had almost 1500 stores in the country that sold everything from bedding to toiletries, sweets and candles.
“Milones de customers nos han confiado los hitos mas esmases de sus vidas, desde ira la universidad hasta casarse, establecerse y un nuevo hogar y tener a bebe”, dijo la directora ejecutiva Sue Goff en un comunicado.
During the past year, the company was plagued by crisis, including a campaign by investment activist Ryan Cohen, the dismissal of its executive director and the suicide of its financial director.
Cohen’s campaign, which culminated in the divestment of around 12 percent of the company’s shares last August, caused weeks of confusion in the price of Bed Bath & Beyond shares. That same month, the company presented a restructuring plan with job cuts and a reduction in the size of its store, supported by a loan from Sixth Street and a renewable credit line led by JPMorgan.
In February, Bed Bath & Beyond sought to avoid bankruptcy with a $1,025 million financing plan to restructure the company’s debt, including the sale of $255 million in convertible preferred stock. Las acciones del minorista alcanzaron un pico breve de casi $ 6, pero desde entonces han retrocedido, rondado el rango de acciones de centavo durante el ultimo mes.
Las presentaciones del Capítulo 11 show that the retailer has a debt of $ 5.2 million and solo $ 4.4 million in assets.
According to the report, the company plans to close all physical stores before June 30, and it is expected that the total net sales during the period reach $718 million against $1,800 million in debt.
Information Additional de Sujit Indap and Nueva York
