Bed Bath & Beyond has filed for chapter safety, however its shops and web sites will stay open and proceed serving clients, the corporate mentioned.
The beleaguered dwelling items chain made the submitting Sunday in U.S. District Court in New Jersey, itemizing its estimated property and liabilities within the vary of $1 billion and $10 billion. The transfer comes after the corporate did not safe funds to remain afloat.
In a press release, the corporate primarily based in Union, New Jersey, mentioned it voluntarily made the submitting “to implement an orderly wind down of its businesses while conducting a limited marketing process to solicit interest in one or more sales of some or all of its assets.”
The agency mentioned its 360 Bed Bath & Beyond and 120 BuyBuy Baby shops and web sites will stay open and proceed serving clients because it “begins its efforts to effectuate the closure of its retail locations.”
The firm mentioned it additionally intends to uphold commitments to clients, staff and companions.
Bed Bath & Beyond shares dove in January because it warned of “substantial doubt about the Company’s ability to continue as a going concern,” an indication that was extensively interpreted to imply it may file for chapter.
The firm mentioned on the time that it anticipated a lack of $386 million within the just-finished quarter.
“Thank you to all of our loyal customers,” a banner on the corporate’s web site learn Sunday.
“We have made the difficult decision to begin winding down our operations.”
CEO Sue Gove mentioned the corporate “will continue working diligently to maximize value for the benefit of all stakeholders.”
“We deeply appreciate our associates, customers, partners, and the communities we serve, and we remain steadfastly determined to serve them throughout this process.”
Source: www.anews.com.tr
