Bed Bath & Beyond, a well-known American furniture chain, announced that it has filed for bankruptcy protection. (Schematic / Dazhi / Associated Press)
The American home furniture retailer “Bed Bath & Beyond” known as the “American version of IKEA” has filed for bankruptcy protection on the 23rd due to years of losses and the failure of reform plans 360 Bed Bath & Beyond and 120 Buybuy All Baby stores will be retail closed.
According to comprehensive foreign media reports, in fact, as early as a few months ago, there was news that Bed Bath & Beyond could go bankrupt. At the time, they said they needed a loan of 375 million US dollars to support’ r hole. It then reached a $1 billion financing deal with a hedge fund in February, which was expected to be used to delay a bankruptcy filing, but the deal ultimately did not materialize.
After the news that Bed Bath & Beyond filed for bankruptcy protection, the company also said it had received a 240 million yuan “debtor-in-possession” (DIP) financing commitment from the lending company “Sixth Street Specialist Lending”, and will be used to continue the operations of the company during the bankruptcy process.
Currently, it is reported that 360 Bed Bath & Beyond retail stores and 120 Buybuy Baby retail stores will be closed, and the actual closing date may start from the 26th. The company also said it will continue to seek to sell some or all of its business, and if it can find a suitable seller, it will suspend the plan to close the store. Conversely, if a buyer cannot be found, all branches will be closed.
It is understood that Bed Bath & Beyond was established in 1971 and became popular in the United States in 1990. It even made it to the list of the top 500 companies in the United States. At one time it was the first choice for people young people and young couples to buy household goods. However, due to too much emphasis on physical stores and not keeping up with the era of online store sales, turnover has plummeted, and even a cash crunch has occurred. Prior to the bankruptcy filing, Bed Bath & Beyond has closed a large number of shops.