Facing Bankruptcy, Bed Bath & Beyond Announces that 150 More Stores Will Close
Transcript
On February 6th, Bed Bath & Beyond announced that it would close 150 additional stores in an effort to stave off a bankruptcy filing. This, in spite of the fact that the company recently raised over $1 billion via preferred stock and warrant offerings. In early January, they announced that they were looking into declaring bankruptcy and by late January the company fell into default on its debt. The total number of store closings, over the past year, now add up to a massive 400 stores! My prediction? A bankruptcy filing within the next year… but we’ll see…