Bed, Bath & Beyond (BBBY) is considering an imminent sale of its assets and intellectual property so that it could file for a potential bankruptcy, according to a major US business news outlet. People with knowledge of the situation told the outlet that the filing could be done this weekend.
Bloomberg was the first to report the filing and sale of assets by the weekend as sources familiar with the matter confirmed the news to them. From early 2023, Bed, Bath & Beyond had been mulling over the sale of assets as well as intellectual property.
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People who wished not to be identified as the details are private, as of now, also said that the New Jersey-based retailer was also looking for funding from Sixth Street Partners. These funds would help support its operations as Bed Bath & Beyond is expected to file Chapter 11 proceedings. The people also said that talks were still fluid and the situation could change.
According to the outlet, Bed, Bath & Beyond has not responded yet when asked for comment. Sixth Street declined to comment.
In 2022, Sixth Street stepped up and gave Bed Bath & Beyond a rescue loan. It has asked for a first claim on Bed Bath & Beyond’s assets, including its BuyBuy Baby unit, when it gave the company the loan.
Although there was a decline in sales in its infant unit, the BuyBuy Baby unit is considered to be the retailer’s major asset and its jewel in the crown. It is perhaps the best asset on offer, when the company confirms the sale of its assets.
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Hundreds of Bed Bath & Beyond stores have been shut across the nation. Merchandise has been offered at throwaway prices. The company wants to clear its stocks, so it is offering big sales and discounts. Thousands of employees have been laid off.
Bed Bath & Beyond said that it is moving towards its goal of having 360 Bed Bath & Beyond stores and 120 BuyBuy Baby shops by the end of the month.
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