![]() And notwithstanding painstaking, creative, and exhaustive efforts to right the ship along the way, Bed Bath & Beyond is simply unable to service its funded debt obligations while simultaneously supplying sufficient inventory to its store locations,” according to the statement. “But, in-store sales continued to decline - with fourth quarter sales falling by almost $1 billion dollars year over year - and strained vendor credit relationships which led to a lack of inventory. “Defying all expectations over the past four months, Bed Bath & Beyond secured credit agreement waivers and amendments and was able to access the equity markets in February and March in a last-ditch effort to avoid bankruptcy,” Etlin said in a sworn statement. The company’s chief financial officer, Holly Etlin, will serve as chief restructuring officer to manage the bankruptcy. ![]() ![]() ![]() “Bed Bath & Beyond has pulled off long shot transactions several times in the last six months, so nobody should think Bed Bath & Beyond will not be able to do so again,” the filing said. ![]()
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