DIRS.INFO The most relevant business & tech news

☆ Bed Bath & Beyond raises $135 million more to aid turnaround effort
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

March 8 (Reuters) - Bed Bath & Beyond Inc (BBBY.O) said on Wednesday it had raised another $135 million in an equity offering and was in the process of rebuilding its business after teetering on the brink of bankruptcy. The retailer has so far raised $360 million out of the roughly $1 billion that it planned in a complex deal of preferred stock and warrant offerings. "Over the past month, we have been rebuilding our financial and operational positioning to execute our customer-focused turnaround plans," Chief Executive Sue Gove said in a statement. In January, the company raised doubts about its ability to continue as a going concern, just months after it announced job cuts and 150 store closures. Reporting by Uday Sampath in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Bed Bath & Beyond Says It Raised More Money From Equity Deal Reached in February
▼ + stars: | 2023-03-08 | by ( Soma Biswas | ) www.wsj.com time to read: 1 min

Home goods retailer Bed Bath & Beyond Inc. said it raised an additional $135 million from a public equity offering announced in February. The latest capital raise is part of the equity offering the Union, N.J.-based company unveiled last month, which helped pull it back from the brink of bankruptcy. As of Tuesday, the retailer had raised a total of $360 million from the equity offering, including the initial $225 million it received in February, the company said.

☆ Unisys, Bed Bath & Beyond slide after removal from small-cap index
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, March 6 (Reuters) - Shares of IT services firm Unisys Corp tumbled 16.7% on Monday and shares of embattled home goods retailer Bed Bath & Beyond Inc fell about 4% after it was announced they will be removed from the small-cap S&P 600 index (.SPCY) in two weeks. Shares of Unysis (UIS.N) have fallen 80% over the past 12 months. As of Friday, the company's market capitalization was $330.9 million, according to Refinitiv data, or less than the $850 million market cap required for inclusion in the small-cap index. Fair Isaac shares rose 0.25% to $707.01, on track to mark a record closing high, while Lumen shares bounced off near-record lows, up 4.57% at $3.315 a share. Reporting by Herbert Lash; additional reporting by Lance Tupper; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Bed Bath's novel deal is no universal dodge-bankruptcy card
▼ + stars: | 2023-02-17 | by ( Shankar Ramakrishnan | ) www.reuters.com time to read: +5 min

It's unclear whether Bed Bath can capitalize on the breathing room to turn around its business, which has been battered by competition from other online and brick-and-mortar retailers. A spokesperson for Hudson's Bay declined to comment, while Bed Bath & Beyond did not respond to requests for comment. To secure the Hudson's Bay investment, Bed Bath offered a deal that guarantees the hedge fund a lucrative return in most circumstances. It is not clear how much of the stock Hudson's Bay has converted and sold since it inked the deal with Bed Bath on Feb. 6. The deal is very dilutive for other Bed Bath investors, who will end up owning 80% less if the company survives.

Bed Bath & Beyond’s storied brand and the passionate interest of individual investors helped the retailer secure a lifeline. Sue Gove wanted to keep Bed Bath & Beyond Inc. out of bankruptcy. Few believed it was possible. Alarmed by the retailer’s deteriorating finances, banks in January had cut off their credit lines and pushed for the company to start a liquidation, including selling off inventory, to repay their loans, said people familiar with the matter.

Feb 15 (Reuters) - The founder of WallStreetBets, which has been credited with helping ignite investors' frenzy into "meme" stocks, sued Reddit Inc on Wednesday, accusing it of wrongly banning him from moderating the community and undermining his trademark rights. According to the complaint filed in federal court in Oakland, California, Rogozinski applied to trademark "WallStreetBets" in March 2020, one month before his ouster, when the community reached 1 million subscribers. "Jamie was removed as a moderator of r/WallStreetBets by Reddit and banned by the community moderators for attempting to enrich himself. Meme stocks typically gain popularity through discussions, often among inexperienced investors, in online forums such as WallStreetBets and Twitter. The case is Rogozinski v Reddit Inc, U.S. District Court, Northern District of California, No.

☆ Bed Bath & Beyond’s Tough Challenge: Shutting Stores Without Paying a Fortune
▼ + stars: | 2023-02-13 | by ( Soma Biswas | Kate King | ) www.wsj.com time to read: 1 min

Bed Bath & Beyond Inc. could face tough negotiations with landlords and pay a high price to close out leases on hundreds of stores as the retailer attempts to downsize without the protection of bankruptcy. A last-minute equity financing of up to $1 billion provided the company enough capital to pay down bank loans, which Bed Bath defaulted last month. But staying out of chapter 11 also means it loses negotiating leverage it would otherwise have in bankruptcy.

☆ Bed Bath & Beyond to Shut Down Canadian Stores in Bankruptcy
▼ + stars: | 2023-02-10 | by ( Soma Biswas | Alexander Gladstone | ) www.wsj.com time to read: 1 min

Bed Bath & Beyond Inc.’s Canadian division will shut down its stores under court protection after the company received an unusual lifeline earlier this week to save its U.S. operations from bankruptcy. The troubled retailer filed its Canadian division for protection under the Companies’ Creditors Arrangement Act, Canada’s rough equivalent of chapter 11 bankruptcy. Bed Bath & Beyond has “reluctantly concluded” that even with the lifeline of its recent equity raise, there isn’t enough capital available both to restructure its U.S. business and bring the Canadian business to profitability, the company said in filings with an Ontario court.

☆ The Investor Behind the $1 Billion Bet on Bed Bath & Beyond
▼ + stars: | 2023-02-08 | by ( Gregory Zuckerman | Alexander Gladstone | ) www.wsj.com time to read: 1 min

Bed Bath & Beyond is shutting dozens more stores as part of its plan to stay in business. Why would a well-established hedge fund and other investors spend as much as $1 billion to purchase the equity of a retailer on the verge of bankruptcy—a move that could wipe out that equity? That is what some on Wall Street are asking after Hudson Bay Capital Management and others agreed to invest in struggling Bed Bath & Beyond Inc.

Analysts said the new cash may afford Bed Bath only a few quarters to revive its business, and a weakening economy would diminish any chance of a successful turnaround. Bed Bath declined to comment on Hudson Bay Capital's role in the share sale. "All is on hold," a maker of children's apparel said last week, adding that it had stopped shipping products to Bed Bath since early January. A shopping cart is seen at a Bed Bath & Beyond store in Manhattan, New York City, U.S., June 29, 2022. Reuters reported late last month that Bed Bath had lined up liquidators to close additional stores unless a last-minute buyer emerged.

Hudson Bay Capital is unrelated to Canadian department store chain Hudson's Bay Co. Bed Bath & Beyond declined to comment earlier Tuesday on Hudson Bay Capital leading investment in the share sale. A shopping cart is seen at a Bed Bath & Beyond store in Manhattan, New York City, U.S., June 29, 2022. REUTERS/Andrew KellyPrices on Bed Bath & Beyond bonds due in 2024 climbed to 24 cents on the dollar from around 5 cents, a level still indicating financial distress. Bed Bath shares rose 2.7% in extended trading, after closing down 49% on Tuesday.

Organizations: & ' $

☆ Bed Bath & Beyond plunges after last-ditch effort to avoid bankruptcy
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

Feb 7 (Reuters) - Shares of Bed Bath & Beyond Inc (BBBY.O) fell more than 30% in premarket trading on Tuesday after the retailer's plans to raise about $1 billion through an offering failed to convince investors the company could avoid bankruptcy. "Unfortunately, we see a low probability that the company will be able to raise equity and view this as a 'last gasp' before filing for bankruptcy protection," Wedbush analyst Seth Basham said. Reuters reported late last month Bed Bath & Beyond was preparing to seek bankruptcy protection and had lined up liquidators to close additional stores unless a last-minute buyer emerged. Bed Bath & Beyond's shares closed more than 92% higher in the last session on interest from retail traders. A part of the meme stock phenomenon, Bed Bath & Beyond stock surged to as high as $30 in August when activist investor Ryan Cohen took a stake in the company and pushed for changes.

Organizations: & $

Bed Bath & Beyond put together a financing package that gives it some breathing room as it struggles to survive. Bed Bath & Beyond Inc. couldn’t get banks to lend it money, but the troubled retailer found one hedge fund willing to bet on its stock. Bed Bath & Beyond landed a do-or-die rescue deal that takes bankruptcy off the table for now. Shares, which have surged in recent weeks despite the company’s dire situation, tumbled by nearly 50% early Tuesday as the new financing will dilute existing shareholders.

Bed Bath & Beyond put together a financing package that gives it some breathing room as it struggles to survive. Bed Bath & Beyond Inc. couldn’t get banks to lend it money, but the troubled retailer found investors willing to bet on its survival. Bed Bath & Beyond landed a do-or-die rescue deal that takes bankruptcy off the table for now. Shares, which have surged in recent weeks despite the company’s dire situation, tumbled by nearly 50% early Tuesday as the new financing will dilute existing shareholders.

Bed Bath said it was planning to raise just over $1 billion through sales of preferred stock and warrants and from securities when the warrants are exercised. Bed Bath will receive a waiver on its recent bank default should the proposed offering succeed, the company said. Bed Bath & Beyond also appointed Holly Etlin, a bankruptcy expert, as interim chief financial officer. "It’s a similar situation in which a deeply financially distressed company is attempting to sell securities," said Lynn LoPucki, a professor at the University of Florida. Sources have told Reuters that Bed Bath & Beyond has lined up liquidators to close additional stores unless a last-minute buyer emerges.

Bed Bath & Beyond Inc. has secured investor backing for a more than $1 billion capital raise to stave off bankruptcy and try to turn around its flagging business, people familiar with the matter said. The offering of convertible stock and warrants, coupled with a $100 million additional credit line from one of its lenders, is expected to save the troubled retailer from the near-term chapter 11 filing it has warned about for weeks. Bed Bath & Beyond has received investor commitments to raise $225 million of equity capital initially and the rest of the more than $1 billion offering over time, according to people familiar with the matter.

Bed Bath & Beyond Inc. will try to raise more than $1 billion by selling stock, hoping investors who have propelled its stock higher despite its financial troubles can save it from bankruptcy. The offering of stock and warrants, coupled with a $100 million additional credit line from one of its lenders, could help the troubled retailer raise enough cash to avoid the chapter 11 filing it has warned about for weeks. Bed Bath said Monday that it can’t give any assurances it will receive any or all of the proceeds of the equity offering, which is subject to market conditions and not guaranteed to be completed.

☆ Bed Bath & Beyond moves to raise $1 bln as bankruptcy clouds loom
▼ + stars: | 2023-02-06 | by ( Noor Zainab Hussain | ) www.reuters.com time to read: +2 min

Feb 6 (Reuters) - Bed Bath & Beyond Inc (BBBY.O) said on Monday it was planning to raise some $1 billion through an offering of preferred stock and warrants, in a last-ditch effort to stave off bankruptcy. Bed Bath said it was planning to raise about $225 million through an offering of Series A convertible preferred stock and an additional $800 million by issuing securities to buy shares of preferred stock in future installments. Bed Bath will receive a waiver on its recent bank default should the proposed offering succeed, the company said. On Monday, Bed Bath said it planned to close an additional 150 stores, on top of 250 previously announced store closures. Sources have told Reuters that Bed Bath & Beyond has lined up liquidators to close additional stores unless a last-minute buyer emerges.

☆ Freight Broker C.H. Robinson Digs in Against Activist Investor
▼ + stars: | 2023-02-03 | by ( Paul Berger | ) www.wsj.com time to read: +4 min

Robinson Worldwide Inc. is standing its ground against an activist investor pushing for a quick and wide-ranging overhaul of the country’s biggest freight broker as the company battles declining freight demand and growing competition. Robinson’s international freight forwarding business, a central goal of investor Ancora Holdings Group LLC as it seeks an overhaul of the business. Robinson executives said on the Wednesday earnings call that the global forwarding arm, which moves freight by air and ocean, is essential to the company’s success. Robinson is by far the largest player in the U.S. domestic freight brokerage market that matches freight shippers with available trucks. It is also among the top two U.S.-based companies in the global forwarding market that transports cargo by air and ocean.

☆ Activist Ryan Cohen Targets a Familiar Foe at Nordstrom
▼ + stars: | 2023-02-03 | by ( Suzanne Kapner | ) www.wsj.com time to read: 1 min

Mark Tritton lost his job as chief executive of Bed Bath & Beyond Inc. after an activist investor challenged his leadership. Now, the same activist is trying to oust Mr. Tritton again—from his board seat at Nordstrom Inc.Ryan Cohen , the billionaire co-founder of pet retailer Chewy Inc., has amassed a large stake in Nordstrom and is agitating for cost cuts amid sluggish sales. Shares of Nordstrom surged Friday after The Wall Street Journal reported on the move Thursday evening.

☆ Investor Ryan Cohen takes stake in Nordstrom - WSJ
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +2 min

The billionaire investor believes it is inappropriate for Tritton, who used to work at Nordstrom from 2009 to 2016, to be deciding compensation for Nordstrom family members who are executives at the company, as he used to work around them, according to WSJ. Cohen has previously traveled to Seattle, where Nordstrom is based, to meet with members of the family and learn more about the business, WSJ said. Both Cohen and Nordstrom did not immediately respond to Reuters requests for comment. The department store chain in September last year adopted a "poison pill" to prevent investors from amassing 10% or more of its shares, after Mexican department store chain Liverpool (LIVEPOLC1.MX) disclosed a 9.9% passive stake in Nordstrom. Cohen also had a 9.8% stake in Bed Bath & Beyond, which he sold in August, following a stunning rally in the stock.

☆ Bed Bath & Beyond Is Closing 87 More Stores: See the List
▼ + stars: | 2023-02-02 | by ( Joseph De Avila | ) www.wsj.com time to read: 1 min

Bed Bath & Beyond Inc. has disclosed the locations of stores it plans to close. The struggling home-goods retailer disclosed this week the 87 flagship locations it previously announced it would close. The list also included 48 locations of its Harmon chain of drugstores and five of its Buybuy Baby stores.

☆ Bed Bath & Beyond Faces Debt Deadline as Bankruptcy Looms
▼ + stars: | 2023-02-01 | by ( Suzanne Kapner | Andrew Scurria | ) www.wsj.com time to read: 1 min

The clock is ticking for Bed Bath & Beyond Inc. The home-goods chain’s lenders have cut off credit and it hasn’t secured a buyer to acquire its business, leaving it with dwindling options to avoid a bankruptcy filing. With chapter 11 looking increasingly likely, the focus shifts to what’s next for the retailer and what shape it might take coming out of a restructuring. Here is what we know.

The firm loaned Bed Bath & Beyond $375 million last year. The chain has said it is closing 87 Bed Bath & Beyond stores and five buybuy BABY stores, in addition to 150 closures announced last year. Bed Bath & Beyond said last week it defaulted on a loan, bringing it closer to bankruptcy. Sources have also told Reuters that Bed Bath & Beyond is considering skipping debt payments due on Feb. 1, a typical move that distressed companies take to conserve cash. Bed Bath & Beyond reported a loss of about $393 million after sales plunged 33% for the quarter ending Nov. 26.

☆ Here’s What’s Next for Bed Bath & Beyond as Bankruptcy Looms and Stores Close
▼ + stars: | 2023-01-31 | by ( Suzanne Kapner | Andrew Scurria | ) www.wsj.com time to read: 1 min

Search resuls for: "Beyond Inc"

25 mentions found