Time is running out to use Bed Bath & Beyond's famous coupons.
Bed Bath & Beyond Inc. finally filed for chapter 11 Sunday after spending months teetering on the edge of bankruptcy.
The company and “certain of its subsidiaries” are now operating their business and managing their properties as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court, according to the SEC filing. Debtor-in-possession, or DIP, financing lets companies keep operating in chapter 11 bankruptcy.
In the filing, Bed Bath & Beyond explained that interim CFO Holly Etlin has been appointed CFO and Chief Restructuring Officer. In her capacity as CRO, Etlin will be responsible for overseeing the company’s court-supervised liquidation and sale process. After news of the bankruptcy broke, a number of Twitter users turned their attention to the company’s famous 20%-off coupons and whether they will still be honored.
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