In a last-ditch effort to stave off bankruptcy, Bed Bath & Beyond Inc. on Monday said it is trying to raise $1 billion through an offering of preferred stock and warrants, alongside tapping $100 million from its credit line, to repay outstanding loans.
Bed Bath & Beyond also said it appointed Holly Etlin, a bankruptcy expert, as interim chief financial officer.
Reuters is reporting that the Union-based home goods retailer plans to shutter an additional 150 stores, on top of 250 previously announced store closures.
Early last month, Bed Bath & Beyond issued a business update expressing that bankruptcy was a possible option if it could not otherwise raise money after a disappointing holiday season. It said that its sales in the run-up to Black Friday were a third of what they were in 2021.