21/06/2024

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Bed Bath & Beyond’s Road to Potential Bankruptcy

Bed Bath & Beyond’s Road to Potential Bankruptcy

(Reuters) – From a failed merchandising strategy to activist investor pressure over overpayed executives, Bed Bath & Beyond Inc has been on a largely downhill ride over the last few years.

The company said on Thursday it was exploring options including a bankruptcy, which sources told Reuters could come within weeks.

Here’s a look at some of the major developments at the retailer over the past year:

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

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

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

Oct. 26, Interim CEO Sue Gove will keep the role

2022 permanently, the company announces.

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

(Reporting by Uday Sampath in Bengaluru; Editing by Shailesh Kuber)

Copyright 2023 Thomson Reuters.