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Bed Bath & Beyond filed for Chapter 11 bankruptcy protection in New Jersey Sunday, according to a court filing.about its survival after grappling with sliding sales.
The chain has closed hundreds of stores, cut jobs and taken other steps in recent years in a bid to shore up its finances. from a hedge fund in February was subsequently abandoned. In another last-ditch move, Bed Bath & Beyond tried this month to raise $300 million from other investors.Its shares have fallen 87% this year, valuing the company at just $138 million on Friday.
A series of turnaround efforts in recent years fell short and it's experienced a series of management changes too. Bed Bath & Beyond has long been known for its discount coupons. Its former president, Arthur Stark, told Bloomberg that offeringin the long term as it made it difficult to phase them out without alienating customers.
Mark Tritton became CEO in 2019 and tried to move away from big brands in favor of its own private-label offerings.
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Bed Bath & Beyond files for bankruptcy protection after long struggleBed Bath & Beyond Inc filed for Chapter 11 bankruptcy protection on Sunday after the home goods retailer failed to secure funds to stay afloat.
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Bed Bath & Beyond files for Chapter 11 bankruptcyBed Bath & Beyond filed on Sunday for Chapter 11 bankruptcy, the retailer said in a press release.
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Bed Bath & Beyond Files for Bankruptcy ProtectionBed Bath & Beyond has filed for bankruptcy after a series of last-ditch efforts to raise enough equity to keep the business alive failed at the eleventh hour.
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Struggling Bed Bath & Beyond files for bankruptcy protectionBed Bath & Beyond has filed for bankruptcy protection, but the company says its stores and websites will remain open and continue serving customers. The beleaguered home goods chain made the filing Sunday in U.S. District Court in New Jersey, listing its estimated assets and liabilities in the range of $1 billion and $10 billion. The move comes after the company based in Union, New Jersey, failed to secure funds to stay afloat. In a statement, the company says it voluntarily made the filing 'to implement an orderly wind down of its businesses while conducting a limited marketing process to solicit interest in one or more sales of some or all of its assets.”
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