(Reuters) – Bed Bath & Beyond Inc filed for Chapter 11 bankruptcy protection on Sunday after the home goods retailer failed to secure funds to stay afloat.
In March, the company said it would sell $300 million worth of its shares to raise more capital and might have to file for bankruptcy if it failed to secure the funds.
Here’s a look at some of the major developments at the retailer over the past year:
Date Development
March 7, GameStop 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 says.
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
concern.
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 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
Street.
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.
Feb. 10, A court filing posted on the website of
2023 consultancy Alvarez & Marsal shows the company
will wind down its operations in Canada.
March 8, Company says it raised another $135 million in
2023 an equity offering and was in the process of
rebuilding its business.
March 17, Retailer was seeking shareholder approval for a
2023 reverse stock split in the range of 1-for-5 to
1-for-10.
March 30, Company announces plans to sell $300 million
2023 worth of its shares and once again warned it
might likely have to file for bankruptcy.
It also terminated its previous offering of
preferred stock and warrants.
April 5, Bed Bath’s board urges shareholders to approve
2023 the reverse stock split and says if the plan
fails, bankruptcy would be imminent.
April 19, The company is preparing to file for bankruptcy
2023 as early as the weekend, the Wall Street Journal
reports, citing people familiar with the matter.
April 23, The company files for Chapter 11 bankruptcy
2023 protection.
(Reporting by Granth Vanaik, Ananya Mariam Rajesh in Bengaluru and Anirudh Saligrama; Editing by Shinjini Ganguli, Subhranshu Sahu and Devika Syamnath)
By: OAN
