THE WHAT? Bed, Bath & Beyond is once again preparing to file for Chapter 11 proceedings, according to a report published by The Wall Street Journal.
THE DETAILS The beleaguered US retailer is said to be on the brink of bankruptcy after failing to raise the US$300 million it needed to stave off liquidation via share sales. A spokesperson for Bed, Bath & Beyond declined to comment when contacted by the Wall Street Journal and the brand’s investor website was yet to be updated with new filings at the time this story was filed.
THE WHY? Bed, Bath & Beyond was hit hard by pandemic-related restrictions and has seen little improvement since. Comparable store sales plummeted 40 to 50 percent in the three months to February 25, 2023.