Heading downwards: A woman walks into a Bed Bath and Beyond store in Oceanside, New York. — Bloomberg
FROM a failed merchandising strategy to activist investor pressure over exaggerated payments to executives, Bed Bath & Beyond Inc has been on a largely downhill ride over the last few years.
The company said on Monday it was planning to raise about $1 billion through an offering of preferred stock and warrants in a move to stave off bankruptcy.
Here's a look at some of the major developments at the retailer over the past year:
March 7, 2022
GameStop 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, 2022
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, 2022
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, 2022
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, 2022
Shares of the company jump nearly 30%; analysts 2022 point to a short squeeze on the meme stock.
Aug. 18, 2022
The company's stock plunges after a regulatory 2022 filing shows that Cohen exited his position in the company.
Aug. 31, 2022
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, 2022
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, 2022
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.
Oct. 26, 2022
Interim CEO Sue Gove will keep the role 2022 permanently, the company announces.
Jan. 05, 202
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 concern.
Jan. 10, 2023
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, 2023
Bed Bath & Beyond says it would lay off more 2023 employees in an attempt to reduce costs.
Jan. 11, 2023
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, 2023
CNBC reports that the company has been in talks 2023 with prospective buyers and lenders.
Jan. 26, 2023
Bed Bath & Beyond says it received a notice of 2023 default on its loan from JPMorgan Chase Bank N.A., triggering a 22% slump in its shares.
Jan. 27, 2023
Bloomberg News reports the company's efforts to 2023 find a buyer ahead of a likely bankruptcy filing have stalled.
Jan. 30, 2023
Reuters reports the company is seeking 2023 bankruptcy protection as soon as this week, and negotiating a loan with investment firm Sixth Street.
Feb. 6, 2023
Company says in a filing that it plans to raise 2023 about $1 billion through an offering of preferred stock and warrants in a move to stave off bankruptcy.- Reuters
