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Bed Bath & Beyond Inc. is reportedly very close to filing for bankruptcy and the earliest time is this week. But then the merchandise retail store chain may still avoid this if a buyer appears at the last minute.
As there is a possibility for the bankruptcy filing before this week ends, Bed Bath & Beyond is said to have already lined up liquidators to shut down more of its stores. This information was revealed by four insiders who are familiar with the matter on Monday, Jan. 30.
According to Reuters, advisers of the company have been holding meetings since the start of this week. They are discussing all the options they have left to save the company from bankruptcy.
One of the options is getting a loan and Bed Bath & Beyond is now negotiating with Sixth Street investment firm to help with the bankruptcy proceedings. They are in ongoing talks for some funding. It was said that the company was already granted a loan worth $375 million last year.
It was noted that there are potential buyers that wait until a company files for bankruptcy before stepping up to buy assets. They are doing this as a strategy to get more favorable terms so it is possible that there are companies out there who are waiting for Bed Bath & Beyond to file first before presenting their bids.
Meanwhile, WCAX News reported that Bed Bath & Beyond also announced additional store closures that will affect 87 outlets. The company released a list of locations that will cease operations including some Buy Buy Baby stores and all of the remaining Harmon outlets.
The decision to shut down the stores comes a few weeks after Bed Bath & Beyond revealed it is planning to discontinue 150 retail stores. In its filing at the Security and Exchange Commission, the company said it has defaulted on its loans and is mulling restructuring its debt.
Photo by: MikeKalasnik/Flickr (CC BY-SA 2.0)
