Bed Bath & Beyond says it will likely go bankrupt if stock offering fails [CBS News]
Bed Bath & Beyond Inc. (BBBY)
Last bed bath & beyond inc. earnings: 4/15 04:15 pm
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Source: CBS News
If it's not able to raise sufficient money from the offering, the home furnishings giant said Thursday it expects to "likely file for bankruptcy." Bed Bath & Beyond was able to in February by completing a complex stock offering that gave it both an immediate injection of cash and a pledge for more funding in the future to pay down its debt. That offering was backed by private equity group Hudson Bay Capital. But on Thursday, Bed Bath & Beyond said it was terminating the deal with Hudson Bay Capital for future funding and is turning to the public market. Success there would give the company time to pursue a turnaround without a bankruptcy filing, which can be costly, out of its control and wind up in a liquidation. Meanwhile, the company is shrinking to save money. around 400 of its roughly 760 Bed Bath & Beyond stores -- but will keep open profitable stores in key markets. The company also gave preliminary fourth quarter earnings Thursday and said sales dropped between 40%
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