Struggling retailer Bed Bath & Beyond said Monday it plans to sell shares of the company in hopes of generating enough cash to avoid filing for bankruptcy.
Bed Bath & Beyond didn't immediately respond to a request for comment Monday. In a statement, the company said it"cannot give any assurances that it will receive any or all of the proceeds of the offering."
"While a public offering seems like an odd device for a crisis-ridden company, Bed Bath & Beyond is desperate to avoid declaring Chapter 11 without having sufficient liquidity or potentially interested buyers in place," Saunders said in a research note."If it does, any bankruptcy judge could quickly force it into Chapter 7 liquidation where management would lose control and the company would effectively be terminated.
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