Bed Bath \u0026amp\u003B Beyond filed for bankruptcy protection and said it had launched a liquidation sale. Find out more
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The once high-flying company filed for bankruptcy protection over the weekend and said it had launched a liquidation sale after failing to secure the funds needed to stay afloat. It also plans to use the Chapter 11 proceedings to conduct a limited sale and marketing process for some or all of its assets.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.
Bed Bath on Monday named interim finance chief Holly Etlin as its new CFO. A bankruptcy expert, Etlin will also serve as its chief restructuring officer, overseeing the liquidation and sale processes. The retailer has struggled with slumping sales and mounting losses over the past several months after its strategy to sell more store-branded products over national brands backfired, while a rough economy and tight spending also walloped the business.Article content
“Bed, Bath & Beyond fell between the racks, unable to compete with the cut-price offerings of rivals like TJ Maxx and value ranges of Target, and with their products not seen as little luxuries worth paying more for,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
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