American decoration chain Bed Bath & Beyond has filed for bankruptcy

American chain of home goods and decorations Bath & Beyond bed was announced this Sunday in bankruptcyafter years of difficulties in covering outstanding debts and financing the business.

The society said in a statement that it received a commitment to receive $240 million in financing from investment firm Sixth Street Specialty Lending, which will allow them to maintain their stores and websites opened in this process.

The New Jersey company has 360 Bed Bath & Beyond stores and 120 buybuy BABY stores.

“Millions of customers have trusted us during the most important milestones in their lives, from going to university to getting married, moving into a new home and having a child,” recalled President and CEO Sue Gove, who pledged to continue working to maximize the benefit of all stakeholders. .

Bed Bath & Beyond specified that the bankruptcy declaration was voluntarily announced in order to conduct an orderly liquidation 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 chain’s sales fell sharply last year, and the company had problems refinancing some debts. that he could not satisfy.

The company has also seen strong fluctuations in its share price, becoming one of the favorite bets of many small investors and speculators who coordinate on Internet forums.

It announced last February that it would sell about $1 billion worth of stock to try to avoid bankruptcy. It added that it plans to close about 150 stores, which is after previously announced figures it would mean the closure of a total of 400 facilitiesalmost half of what he had a year ago.

Its financial problems date back to the outbreak of the pandemic and are believed to be the cause of the suicide of its CFO last September, a Venezuelan Gustavo Arnalwho threw himself into the street from the 18th floor of his apartment in Manhattan.

Among the company’s difficulties were a lack of customers both in physical stores and in online sales, supply problems that made it difficult to replace part of the goods and, most seriously, the inability to refinance the debt.

CNBC explained last January that the company had been piling up debt with different maturities – 2024, 2034 and 2044 – and had lost much of its liquidity, only partially covering those payments.