© Reuters. A shopping cart is seen at a Bed Bath & Beyond store in Manhattan, New York City, U.S., June 29, 2022. REUTERS/Andrew Kelly
(Reuters) – From a failed merchandising strategy to activist investor pressure over exaggerated payments to executives, Bed Bath & Beyond Inc (NASDAQ:) has been on a largely downhill ride over the last few years.
The company is preparing to seek bankruptcy protection as soon as this week and has lined up liquidators to close additional stores unless a last-minute buyer emerges, Reuters reported on Monday.
Here’s a look at some of the major developments at the retailer over the past year:
March 7, GameStop (NYSE:) chairman Ryan Cohen discloses a near
2022 10% stake in the company and says he wants the
retailer to explore strategic alternatives that
include a full sale.
March 25, Bed Bath & Beyond and Cohen reach a settlement
2022 where three new directors will join the
company’s board and it will look for
alternatives for its buybuy baby unit.
April 13, The company reports a surprise quarterly loss on
2022 a 22% slump in sales, which it blames on
supply chain issues and falling store traffic.
June 29, The company replaces Chief Executive Officer
2022 Mark Tritton as part of a management shake-up to
reverse a slump in its business.
Aug 16, shares of the company jump nearly 30%; analysts
2022 point to a short squeeze on the meme stock.
Aug 18, The company’s stock plunges after a regulatory
2022 filing shows that Cohen exited his position in
Aug 31, Bed Bath & Beyond secures more than $500 million
2022 in financing, pauses plans to sell buybuy Baby,
announces plans to close 150 stores, cut jobs
and overhaul its merchandising strategy.
Sept 04, Chief Financial Officer Gustavo Arnal falls to
2022 his death from New York’s Tribeca skyscraper, in
what was later ruled a suicide.
Sept 29, The company says it is seeing early signs that
2022 efforts to clear excess inventory are working
and it expects its cash flow to break even in
the fourth quarter.
october 26, Interim CEO Sue Gove wants to keep the role
2022 permanently, the company announces.
Jan 05, Bed Bath & Beyond is preparing to seek
2023 bankruptcy protection in coming weeks, sources
tell Reuters, after the company raises doubts
about its ability to continue as a going
Jan 10, The company reports a much wider-than-expected
2023 quarterly loss and sales that plunged by a
third, failing to halt the months-long cash burn
that led to warnings of a possible bankruptcy.
Jan 10, Bed Bath & Beyond says it would lay off more
2023 employees in an attempt to reduce costs.
Jan 11, Shares of the retailer surge 69% and then
2023 another 20% after the bell, as individual
Investors piled in, extending stock’s rebound
from multi-decade lows hit earlier and reviving
a rally in other meme stocks.
Jan 18, CNBC reports that the company has been in talks
2023 with prospective buyers and lenders.
Bed Bath & Beyond
Jan 26, says
2023 it received a notice of default on
its loan from JPMorgan Chase (NYSE:) Bank NA,
triggering a 22% slump in its shares.
Jan 27, reports
2023 the company’s efforts to find a
buyer ahead of a likely bankruptcy filing have
Jan 30, reports
2023 the company is seeking bankruptcy
protection as soon as this week, and negotiating
a loan with investment firm Sixth Street.