Bed Bath & Beyond's Canadian operations are going out of business, according to a court filing on Friday, two days after the retailer quickly raised cash to stave off a U.S. bankruptcy. The company operates 54 Bed Bath & Beyond stores and is insolvent, documents show.Posted: Feb 10, 2023 7:36 PM EST | Last Updated: February 11, 2023
The Canadian division, which operates 54 Bed Bath & Beyond stores and 11 buybuy BABY stores, is insolvent, the filing posted on the website of consultancy. Alvarez & Marsal has been appointed as a monitor of the business in the Canadian court case. As of Jan. 31, the company employed approximately 387 full-time employees and 1,038 part-time workers in connection with its retail operations across Canada, according to the filing.
Bed Bath & Beyond Canada had a net loss of $99.5 million for the nine-month period ending Nov. 26, 2022, the documents show.