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jannn
2023-02-11

Bed Bath & Beyond to wind down Canada operations

(Reuters) - Bed Bath & Beyond Inc will wind down its operations in Canada, a court filing posted on

Bed Bath & Beyond to wind down Canada operations

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Beyond Inc will wind down its operations in Canada, a court filing posted on the website of consultancy Alvarez &amp; Marsal showed on Friday.</p><p>The Canadian business is insolvent and does not have the &#34;capacity or ability to independently effect a recapitalization or restructuring of the Canadian operations without access to cash and the support&#34; from the parent company and its lenders, according to the filing.</p><p>The consultancy has been appointed as a monitor of the business in the Canadian court case.</p><p>The struggling retailer, which has been trying to avoid bankruptcy, raised about $225 million in an equity offering earlier this week and said it may get another $800 million over the next 10 months.</p><p>Bed Bath &amp; Beyond in January had raised doubts about its ability to continue as a going concern just months after it announced more than $500 million in new financing, as well as job cuts and 150 store closures.</p><p>The Union, New Jersey-based home goods retailer, which shot to popularity in the 1990s as a go-to shopping destination for couples making wedding registries and planning for new babies, has seen demand drop off in recent years as its merchandising strategy to sell more store-branded products flopped.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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Beyond Inc will wind down its operations in Canada, a court filing posted on the website of consultancy Alvarez &amp; Marsal showed on Friday.</p><p>The Canadian business is insolvent and does not have the &#34;capacity or ability to independently effect a recapitalization or restructuring of the Canadian operations without access to cash and the support&#34; from the parent company and its lenders, according to the filing.</p><p>The consultancy has been appointed as a monitor of the business in the Canadian court case.</p><p>The struggling retailer, which has been trying to avoid bankruptcy, raised about $225 million in an equity offering earlier this week and said it may get another $800 million over the next 10 months.</p><p>Bed Bath &amp; Beyond in January had raised doubts about its ability to continue as a going concern just months after it announced more than $500 million in new financing, as well as job cuts and 150 store closures.</p><p>The Union, New Jersey-based home goods retailer, which shot to popularity in the 1990s as a go-to shopping destination for couples making wedding registries and planning for new babies, has seen demand drop off in recent years as its merchandising strategy to sell more store-branded products flopped.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BBBY":"3B家居"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2310672677","content_text":"(Reuters) - Bed Bath & Beyond Inc will wind down its operations in Canada, a court filing posted on the website of consultancy Alvarez & Marsal showed on Friday.The Canadian business is insolvent and does not have the \"capacity or ability to independently effect a recapitalization or restructuring of the Canadian operations without access to cash and the support\" from the parent company and its lenders, according to the filing.The consultancy has been appointed as a monitor of the business in the Canadian court case.The struggling retailer, which has been trying to avoid bankruptcy, raised about $225 million in an equity offering earlier this week and said it may get another $800 million over the next 10 months.Bed Bath & Beyond in January had raised doubts about its ability to continue as a going concern just months after it announced more than $500 million in new financing, as well as job cuts and 150 store closures.The Union, New Jersey-based home goods retailer, which shot to popularity in the 1990s as a go-to shopping destination for couples making wedding registries and planning for new babies, has seen demand drop off in recent years as its merchandising strategy to sell more store-branded products flopped.","news_type":1},"isVote":1,"tweetType":1,"viewCount":442,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}