Bed Bath & Beyond considers asset sales, Sixth Street bankruptcy loan – Bloomberg News
10:51 pm Friday, April 21st, 2023
(Reuters) – Bed Bath & Beyond Inc is considering sales of assets and intellectual property as part of a potential bankruptcy filing that could come as soon as this weekend, Bloomberg News reported, citing people with knowledge of the situation.
The home goods retailer is also looking to secure funding from U.S.-based investment firm Sixth Street Partners to support its operations through Chapter 11 proceedings but the plans could still change, Bloomberg News reported on Friday.
Bed Bath and Beyond did not respond to a request for comment, while Sixth Street Partners declined to comment.
In January, Reuters reported that the embattled retailer was negotiating a loan to help it navigate bankruptcy proceedings, with Sixth Street in talks to provide some funding. The investment firm loaned Bed Bath & Beyond $375 million in 2022.
Bed Bath & Beyond raised doubts in January about its ability to continue as a going concern, just months after it announced more than $500 million in new financing, job cuts and 150 store closures.
(Reporting by Urvi Dugar in Bengaluru; Editing by Kim Coghill and Himani Sarkar)
