Bed Bath & Beyond to wind down Canada operations

Bed Bath & Beyond to wind down Canada operations

(Reuters) – Bed Bath & Beyond Inc will wind down its operations in Canada, a court filing posted on alvarezandmarsal.com showed on Friday.

The Canadian business does not have the “capacity or ability to independently effect a recapitalization or restructuring of the Canadian operations without access to cash and the support” from lenders, according to the filing.

The struggling retailer, which has been trying to avoid bankruptcy, raised about $225 million in an equity offering earlier this week and said it may get another $800 million over the next 10 months.

(Reporting by Granth Vanaik; Editing by Anil DSilva)

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