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Bed Bath & Beyond Inc. has brought on turnaround consultant AlixPartners as its new restructuring adviser as the troubled home goods retailer prepares for a likely bankruptcy, according to sources familiar with the matter.
BED BATH & BEYOND SALES SINK, WILL CLOSE 150 STORES
Bed Bath & Beyond store in Marlton, NJ, Oct. 29, 2022 (Fox News)
The company has also been working with law firm Kirkland & Ellis LLP and investment banker Lazard Ltd. on restructuring efforts and last week said it is considering all options, including a bankruptcy filing, to battle its declining cash and dropping revenue.
AlixPartners replaced Berkeley Research Group LLC (BRG), a consulting firm Bed Bath & Beyond had been working with since the middle of last year, the sources said.
Bed Bath & Beyond Store Sign (iStock / iStock)
A representative for Bed Bath & Beyond declined to comment on AlixPartners’s hire and added that it has a team “internally and externally with proven experience in helping companies successfully navigate complex situations and become stronger.”
BED BATH & BEYOND’S DAY OF RECKONING
| ticker | Security | load | Change | change % |
|---|---|---|---|---|
| BBBY | BED BATH & BEYOND INC. | 2.07 | +0.45 | +27.78% |
| LAZ | LAZARD LTD. | 37.21 | +0.47 | +1.28% |
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AlixPartners declined to comment. BRG didn’t immediately respond to a request seeking comment.