Bed Bath & Beyond Inc. is again warning that it may declare bankruptcy if a $300 million stock offering doesn't bring in the needed funds.
The company said the proceeds from the offering will be used immediately to fulfill previous commitments to invest in merchandise inventory and reduce its store footprint, as well continue seeking a potential buyer.
"The actions we've taken have enabled us to create the necessary financial runway to begin restoring our iconic Bed Bath & Beyond and buybuy BABY businesses," said CEO Sue Gove.
"We have raised $360 million of equity capital since the beginning of February, cured our default under our credit agreement, repaid material amounts of our ABL facility, completed our interest payment for our Senior Notes, all while jumpstarting our turnaround plans."
Those turnaround plans include the development of a third-party consignment program that Grove said will allow the company to "fortify our product assortments by expanding merchandise availability from key supplier partners."
She added that customer experience remains the company's "top priority."
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A rare magnum of Dom Pérignon Vintage 1961 champagne that was specially produced for the 1981 wedding of Prince Charles and Lady Diana has failed to sell during an auction. Danish auction house Bruun Rasmussen handled the bidding Thursday. The auction's house website lists the bottle as not sold. It was expected to fetch up to around $93,000. It is one of 12 bottles made to celebrate the royal wedding. Little was revealed about the seller. The auction house says the bids did not receive the desired minimum price.
