Bed Bath & Beyond's Canadian operations are going out of business, according to a court filing on Friday, two days after the retailer quickly raised cash to stave off a U.S. bankruptcy.
Thomson ReutersA Bed Bath & Beyond sign is shown in Mountain View, Calif., in 2012. Bed Bath & Beyond Canada has filed for creditor protection and will close 54 stores.
The Canadian division, which operates 54 Bed Bath & Beyond stores and 11 buybuy BABY stores, is insolvent, the filing posted on the website of consultancy. Alvarez & Marsal has been appointed as a monitor of the business in the Canadian court case. As of Jan. 31, the company employed approximately 387 full-time employees and 1,038 part-time workers in connection with its retail operations across Canada, according to the filing.
Bed Bath & Beyond Canada had a net loss of $99.5 million for the nine-month period ending Nov. 26, 2022, the documents show.
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Bed Bath & Beyond Canada granted creditor protection, winding down - BNN BloombergBed Bath & Beyond Canada Ltd. was granted an initial order for creditor protection by the Ontario Superior Court of Justice Friday under the Companies' Creditors Arrangement Act, according to the company acting as the court-appointed monitor for the case.
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Bed Bath and Beyond to wind down Canada operationsBed Bath and Beyond will wind down its operations in Canada, a court filing posted on the website of consultancy Alvarez \u0026amp\u003B Marsal showed.
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