The American company “Bed Bath and Beyond” for retailing household goods declares bankruptcy after years of losses exceeding one billion dollars annually.
-
The American company “Bed Bath and Beyond” declares bankruptcy
Today, Sunday, the American company “Bed Bath and Beyond” for retailing household goods declared bankruptcy after years of losses exceeding one billion dollars annually, while the group had difficulty adjusting to unstable economic conditions and the dominance of the online shopping sector.
The company has filed for Chapter 11 protection in the US Bankruptcy Court for the District of New Jersey, in which it is domiciled, court documents show.
This group, which sells all household items, from shower curtains, soaps, vacuum cleaners and bed sheets, has for years been one of the most important American companies.
Bed Bath & Beyond said in a statement that it had filed its application “to carry out the process of winding up its business in an orderly manner while conducting a limited marketing exercise to generate interest in one or more sales of some or all of its assets.”
The US group’s share price fell in January when it said there was “significant doubt about the company’s ability to continue,” a statement widely interpreted as meaning it might file for bankruptcy.
The company said at the time that it expected a loss of $386 million in the fourth quarter.
Despite the many efforts to restructure, including closing 150 stores in 2022, the company was unable to improve its financial position.
It noted that it had obtained a commitment of $240 million from a lender to support its operations during the bankruptcy period.
“Thank you to all of our loyal customers. We have made the difficult decision to begin winding down our operations,” the company wrote on its website Sunday.
Also read: Study: Containing inflation in America without sacrificing the economy is an unprecedented equation
2023-04-23 20:11:50
#American #company #Bed #Bath #declares #bankruptcy
