Bed Bath & Beyond Inc is talking with advisers and lenders ahead of a bankruptcy filing that could come in the next few weeks, Bloomberg Law reported on Wednesday, citing people with knowledge of the conversations.
plans to sell $300 million worth of its shares and warned that it might have to file for bankruptcy if the sale failed.
A Chapter 11 bankruptcy filing could come before April 26, the deadline by which Bed Bath seeks to raise the funds, Bloomberg reported on Wednesday. The decision for filing is not final and plans could change, the report said. Once considered a category killer in home goods, the Union, New Jersey-based company has seen demand slump in recent years as its merchandising strategy to sell more store-branded products flopped.shareholder approval for a reverse stock split in the range of 1-for-5 to 1-for-10 ratio. Earlier in April, its board urged shareholders to approve the split, and said that if the plan fails, bankruptcy would be imminent.
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