Bed Bath & Beyond has filed for bankruptcy after a series of last-ditch efforts to raise enough equity to keep the business alive failed at the eleventh hour.
The company was able to make its interest payments using funding gained from the first stock offering, but at the time it warned it would"likely" have to file for bankruptcy and see its assets liquidated if the deal didn't go as planned.and lender Sixth Street that were reduced in late March after its second stock offering was announced.
At a popular Bed Bath outpost in New York City, a since laid-off staffer recently told CNBC that workers were standing around not knowing what to do after the company suddenly cut off in-store pickup and deliveries at the location. The worker was told liquidators would be coming the following day and soon learned employees wouldn't receive severance after more than two decades with the company.
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