Bed Bath & Beyond Plans Share Sale in Bid to Avoid Bankruptcy
- Company announces share sale to raise more than $1 billion
- Retailer lined up enough investors to complete sale: sources
A Bed Bath & Beyond store in Westbury, New York.
Photographer: Johnny Milano/BloombergThis article is for subscribers only.
Bed Bath & Beyond Inc. lined up investors for an eleventh-hour cash infusion that would allow it to stave off a bankruptcy filing, according to people with knowledge of the matter.
The retailer, which has been preparing for a Chapter 11 filing after lenders declared it in default last month, priced new convertible preferred securities and warrants, it said in a statement Tuesday, in a deal that will ultimately raise more than $1 billion.