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Bed Bath & Beyond makes a desperate move while preparing for bankruptcy: Source


Outdoor shower bed am amputating an arm in an attempt to save cash in the last possible hour.

A source told Yahoo Finance that the company informed workers on Thursday that all of its Harmon-branded stores will be closed as the struggling retailer continues its downward trend.

Harmon — which mainly focuses on selling beauty products — operates about 52 stores in six states, according to the company’s most recent annual report. A store employee at the NYC location told Yahoo Finance they were notified of the store closures this week.

Following publication, Bed Bath & Beyond Spokesperson Julie Strider responded to a request for comment and confirmed Harmon’s closure to Yahoo Finance.

“As we consider all strategic avenues and alternatives, we continue to work with our advisors and take actions to manage our business as efficiently as possible. possible,” Bed Bath & Beyond spokeswoman Julie Strider told Yahoo Finance in a statement, later adding: “We will update all stakeholders on our plans as they develop and complete.”

A shopper carries his bag as he leaves Bed, Bath, and Beyond in New York.  REUTERS/Keith Bedford (USA - Tags: BUSINESS)

A shopper carries his bag as he leaves Bed, Bath, and Beyond in New York. REUTERS/Keith Bedford (USA – Tags: BUSINESS)

The Harmon move goes like Bloomberg’s report that the company has been unable to find a buyer in bankruptcy to date — meaning the company is likely to file for Chapter 11 bankruptcy protection without a bidder for its assets.

By the end of 2022, Bed Bath & Beyond was piling up debt and losing more than $1 billion. Rumors of bankruptcy began to spread throughout the company, especially after a warning in a recent regulatory filing that it may seek those protections in the near future.

The filing also revealed that Bed Bath & Beyond had defaulted on its debt following the announcement from JP Morgan and was unable to obtain sufficient funds to repay it.

Bed Bath & Beyond stock has been struggling since the stock meme craze in early 2021 sent its price up to $27.23 a share before losing that gain. The company announced in September 2022 that it will close the door 150 stores across the US

This post has been updated with confirmation from Bed Bath & Beyond.

Brian Sozzi is an editor-in-chief and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and more LinkedIn.

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