2023-04-24 22:55:10
The American company “Bed Bath and Beyond” for retailing household goods declared bankruptcy on Sunday following years of losses exceeding one billion dollars annually, while the group had difficulty adapting to unstable economic conditions and the dominance of the online shopping sector.
The company has filed for Chapter 11 protection in the United States Bankruptcy Court for the District of New Jersey in which it is domiciled.
This group, which sells everything from shower curtains to soaps to vacuum cleaners and bed sheets, has for years been one of America’s most important companies.
Bed Bath & Beyond said it had filed its application “to carry out the winding up of its business in an orderly manner while conducting a limited marketing exercise to generate interest in one or more sales of some or all of its assets.”
It said it expects a loss of $386 million in the fourth quarter of the year.
Despite the many efforts to restructure, including closing 150 stores in 2022, the company was unable to improve its financial position.
It noted that it had obtained a commitment of $240 million from a lender to support its operations during the bankruptcy period.
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