Bed Bath & Beyond’s turnaround plan is ‘too little too late’ to avoid bankruptcy, expert says

Bed Bath & Beyond (BBBY) unveiled its turnaround strategy this week, but it likely won’t be enough to save the company, according to a restructuring expert.

“I’ve been in this business for 35 years in restructuring and turnarounds, and…unfortunately, it’s just a little bit too little too late,” Macco CEO Drew McManigle told Yahoo Finance Live (video above). “They should have started this process last year if they’d been paying attention to the post-pandemic numbers.”

“I’m not going to be one bit surprised if the Chapter 11 petitions have already been drafted or are just waiting for a signature,” McManigle added.

Bed Bath & Beyond’s aggressive turnaround strategy includes plans to raise cash, close approximately 150 stores, and cut 20% of its corporate and supply chain staff as it streamlines its organizational structure and eliminates the COO and Chief Stores Officer roles. The retailer also secured $500 million in additional financing, including a $375 million loan…

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This article was written by and originally published on finance.yahoo.com