© Reuters. FILE PHOTO: A shopping cart is seen at the Bed Bath & Beyond store in Manhattan, New York City, US, June 29, 2022. REUTERS/Andrew Kelly // File Photo
(Reuters) – Bed Bath and Beyond Inc (NASDAQ:) filed for Chapter 11 bankruptcy protection Sunday after the home goods retailer failed to secure the funds to stay afloat.
In March, the company said it would sell $300 million worth of its shares to raise more capital and may have to file for bankruptcy if it fails to secure funds.
Here’s a look at some of the key developments at the retailer over the past year:
development history
March 7, GameStop (NYSE:) Chairman Ryan Cohen reveals close
2022 10% in the company and he says he wants
retailer to explore strategic alternatives that
Whole sale included.
On March 25, Bed Bath & Beyond and Cohen reached a settlement
2022, where three new directors will join
The company’s board of directors will look for it
Replacements for the buybuy Baby unit.
April 13, the company announced a surprise quarterly loss in
2022 a 22% drop in sales, which he blames
Supply chain issues and declining store traffic.
June 29, the company replaces the CEO
2022 Mark Tritton as part of an administrative shake-up of
Reversing stagnation in its business.
On August 16, the company’s shares rose nearly 30%; Analysts
2022 indicates a short squeeze on the M stock.
August 18, the company’s stock fell after a regulatory decision
2022 filing shows Cohen discharged from his position at
company.
On Aug. 31, Bed Bath & Beyond earned more than $500 million
2022 in financing, Buybuy Baby sale plans paused,
announces plans to close 150 stores and cut jobs
reforming its marketing strategy.
September 4, CFO Gustavo Arnal falls
2022 His death from the Tribeca skyscraper in New York, on
what was later deemed a suicide.
Sept. 29, the company says it’s seeing early signs of that
2022 efforts to liquidate excess inventory are bearing fruit
It expects its cash flow to equalize
The fourth quarter.
On October 26, interim CEO Sue Goff will retain the position
2022 permanently, the company says.
Jan. 5, Bed Bath & Beyond prepares to search
2023 bankruptcy protection in the coming weeks, sources
He told Reuters after the company raises suspicions
about its viability
they.
January 10, the company’s reports are much broader than expected
2023 quarterly losses and sales, which fell by
Third, the failure to stop the months-long burn of liquidity
This led to warnings of possible bankruptcy.
Jan. 10 Bed Bath & Beyond said it was laying off more
2,023 employees in an effort to cut costs.
On January 11, shares of the retailer rose 69% then
2023 Another 20% after the bell as an individual
Investors piled in, extending the stock rally
From multi-decade lows hit earlier, it has revived
A rise in other meme stocks.
January 18, CNBC reported that the company is in talks
2023 with potential buyers and lenders.
On January 26, Bed Bath & Beyond said it received a notice of
2023 defaults on its loan from JPMorgan Chase (NYSE:)
NA, which sent its shares down 22%.
January 27, Bloomberg News reported the company’s efforts to
2023 Find a buyer before filing for potential bankruptcy
I stopped.
January 30, Reuters reported that the company is seeking
2023 bankruptcy protection as soon as this week, and
Negotiating a loan with the sixth investment company
street.
February 6, the company says in a filing that it plans to raise
2023 about $ 1 billion through offering
Preferred shares and collateral in step to fend off
from bankruptcy.
On February 7, the retailer said it had raised about $225 million in sales
2023 stock offering and could get another $800 million
over the next ten months.
February 10, a court filing posted on the website of
2023 Consulting Alvarez and Marsal show the company
It will end its operations in Canada.
March 8, the company says it has raised another $135 million in
2023 Offering shares and it was in the process
rebuild its business.
On March 17, the retailer was seeking shareholder approval to acquire the
2023 reverse stock split in the range 1 to 5 to
1 vs. 10.
March 30, the company announces plans to sell $ 300 million
2023 of her shares and warned her again
You may have to file for bankruptcy.
She also ended her previous show of
Preferred stock and warrants.
On April 5, Bed Bath’s board of directors urged shareholders to agree
2023 reverse stock hash and say whether the plan
Fail, bankruptcy will be imminent.
April 19, the company is preparing to file for bankruptcy
2023 Early Weekend, The Wall Street Journal
reports, citing people familiar with the matter.
April 23, the company files for Chapter 11 bankruptcy
Protect 2023.
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