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BED BATH & BEYOND INC.

(BBBY)
  Report
Delayed Nasdaq  -  04:00:00 2023-03-24 pm EDT
0.8158 USD   +3.78%
03/24Bed Bath & Beyond Reportedly Slashing 1,300 More Jobs in New Jersey
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03/24Bed Bath & Beyond Reportedly Eliminating 1,300 More Jobs in New Jersey
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03/24Bed Bath & Beyond to cut 1,300 more jobs in New Jersey
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Bed Bath & Beyond moves to raise $1 billion as bankruptcy clouds loom

02/06/2023 | 05:29pm EDT
A shopping cart is seen at a Bed Bath & Beyond store in Manhattan, New York City

(Reuters) - Bed Bath & Beyond Inc said on Monday it was planning to raise some $1 billion through an offering of preferred stock and warrants, a last-ditch effort to stave off bankruptcy.

The move comes just weeks after the retailer said it had defaulted on a loan, raising concerns about its future.

Shares of the retailer, which closed up 92.1% at $5.86 in wild trading session, were down as much as 25% in extended trading.  

Bed Bath said it was planning to raise about $225 million through an offering of Series A convertible preferred stock. An additional $800 million could be raised through people exercising warrants to buy common stock.

The embattled retailer said it would use the proceeds of the offering to repay outstanding revolving loans under its asset-based lending (ABL) facility.

In January, the company raised doubts about its ability to continue as a going concern just months after it announced more than $500 million in new financing, as well as job cuts and 150 store closures.

Retailers in distress often look to bankruptcy protection after the holiday season to take advantage of the cash cushion provided by recent sales.

Bed Bath & Beyond said in January it had defaulted on a loan from JPMorgan Chase Bank N.A. Bloomberg News reported that the company's efforts to find a buyer had also stalled.

Prospective buyers sometimes wait until a company files for bankruptcy before agreeing to purchase assets, hoping to negotiate more favorable terms.

Sources have told Reuters that Bed Bath & Beyond has lined up liquidators to close additional stores unless a last-minute buyer emerges.

(Reporting by Granth Vanaik; Editing by Anil D'Silva)


ę Reuters 2023
Stocks mentioned in the article
ChangeLast1st jan.
ABL GROUP ASA 0.31% 16.35 Real-time Quote.7.21%
BED BATH & BEYOND INC. 3.78% 0.8158 Delayed Quote.-67.50%
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Analyst Recommendations on BED BATH & BEYOND INC.
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Financials (USD)
Sales 2023 5 582 M - -
Net income 2023 -1 283 M - -
Net Debt 2023 1 791 M - -
P/E ratio 2023 -0,06x
Yield 2023 -
Capitalization 94,8 M 94,8 M -
EV / Sales 2023 0,34x
EV / Sales 2024 0,55x
Nbr of Employees 32 000
Free-Float 22,5%
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Mean consensus SELL
Number of Analysts 12
Last Close Price 0,82 $
Average target price 1,52 $
Spread / Average Target 85,7%
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Managers and Directors
Sue E. Gove President, Chief Executive Officer & Director
Holly Felder Etlin Chief Financial Officer
Harriet Edelman Independent Chairman
Scott Lindblom Chief Technology & Digital Officer
Andrea M. Weiss Independent Director
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