Despite raising more than $1 billion to head off bankruptcy, Bed Bath & Beyond says it's going to close another 150 stores. Both developments were reported Monday in a regulatory filing, NBC News reports, as the company attempts to reorganize its finances. It already had announced that 200 stores would close, and the company did not say which 150 stores were being added to the list. Share value dropped nearly in half on Tuesday; existing shareholders will be diluted as the company issues new securities.
Bed Bath & Beyond has secured a $100 million line of credit from one lender; with that and the offering of convertible stock and warrants, the company hopes to not have to file for Chapter 11 protection, which it's been warning was imminent. Investors are putting up $225 million of equity capital at first and the rest later, per the Wall Street Journal. If this plan falls through, Bed Bath & Beyond said Monday its assets will be liquidated and the company will seek bankruptcy. The company also said it's hired a new chief financial officer on an interim basis. (More Bed Bath & Beyond stories.)
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