Bed Bath & Beyond said in securities filings that if it can’t complete the complex transaction, it would ‘likely file for bankruptcy protection’
said on Monday it was planning to raise some $1-billion through an offering of preferred stock and warrants in a last-ditch effort to stave off bankruptcy.
Shares of the retailer, which closed up 92.1 per cent at $5.86 in a roller-coaster session, were down 33.5 per cent in extended trading after news of the proposed offering. Bed Bath will receive a waiver on its recent bank default should the proposed offering succeed, the company said. Bed Bath & Beyond also appointed Holly Etlin, a bankruptcy expert, as interim chief financial officer.
On Monday, Bed Bath said it planned to close an additional 150 stores, on top of 250 previously announced store closures.from JPMorgan Chase Bank N.A. Bloomberg News reported that the company’s efforts to find a buyer had also stalled.
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