Two years after Bed Bath & Beyond went “woke” and canceled Mike Lindell’s MyPillow, the company has gone broke and filed for bankruptcy.
The American big box store chain announced it has filed “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 360 Bed Bath & Beyond and 120 buybuy BABY stores and websites will remain open and continue serving customers as the company begins to close them all down.
Sue Gove, the president & CEO of Bed Bath & Beyond Inc. said, “Millions of customers have trusted us through the most important milestones in their lives – from going to college to getting married, settling into a new home to having a baby.
“Our teams have worked with incredible purpose to support and strengthen our beloved banners, Bed Bath & Beyond and buybuy BABY.
“We deeply appreciate our associates, customers, partners, and the communities we serve, and we remain steadfastly determined to serve them throughout this process.
“We will continue working diligently to maximize value for the benefit of all stakeholders.”
In late 2022, the company initiated a significant turnaround plan to reset foundational elements of its operational and financial positioning to better serve customers, employees, and supplier partners.
While the company has begun a liquidation sale, Bed Bath & Beyond Inc. intends to use the Chapter 11 proceedings to conduct a limited sale and marketing process for some or all of its assets.
The company filed motions with the court seeking authority to market Bed Bath & Beyond and buybuy BABY as part of an auction pursuant to section 363 of the Bankruptcy Code.
In the event of a successful sale, the company will “pivot away from any store closings needed to implement a transaction.”
FLASHBACK: Bed Bath & Beyond went woke and canceled My Pillow, alienated half of the country, and lost their best selling SKU. https://t.co/0tj01fvrMn
— @amuse (@amuse) April 23, 2023
According to The New York Post:
The Union, New Jersey-based company listed both its estimated assets and liabilities in the range of $1 billion and $10 billion, according to a court filing.
Bed Bath & Beyond said that it has received a commitment of approximately $240 million in debtor-in-possession financing from Sixth Street Specialty Lending Inc, according to a separate statement.
In February, the embattled retailer had planned to raise around $1 billion through the offering of preferred stock and warrants to avoid bankruptcy.
The company was able to raise $360 million from the complex deal helping it pay loan defaults and interest payments for senior notes, but Bed Bath terminated the deal in late March.
READ MORE: ‘Woke’ Walmart Pulls Mike Lindell’s MyPillow Products from Stores