It sounds like another retailer is biting the dust in Canada as it was announced recently that the retail store Bed Bath & Beyond is closing all stores n Canada. Some information was stated such as saying “The Bed Bath & Beyond Group has been in financial difficulty for the past several years, suffering significant net losses since 2018”. That’s always a heartbreaking situation for employees of course as everyone now needs to find new jobs.
I guess whatever they did wasn’t enough in the end as these statements would suggest saying the following:
“The situation continued to decline in January 2023. On January 5, 2023, in its notice of late filing with respect to its Form 10-Q for the three months ended November 26, 2022, the Bed Bath& Beyond Group disclosed that there was substantial doubt about its ability to continue as a going concern. Shortly thereafter, the ABL Agent (as defined below) declared events of default and delivered notices of acceleration under both the ABL Facility and BBBI’s then US $375 million FILO Facility (of which BBB LP is also a borrower and the Applicant is a guarantor), thereby causing the principal amount of such facilities, together with all accrued interest thereon and other fees and obligations, to become immediately due and payable. The ABL Agent also declared cash dominion, which restricted the entire Bed Bath & Beyond Group, including BBB Canada, from spending any cash on hand.”
I was thinking as I rarely shopped there personally as I found the prices generally to be very high during normal days unless there was a big sale or coupons were being offered. I suppose this means there will be liquidation sales across Canada which would benefit bargain shoppers. So you should keep an eye out for that.