As banks pushed Bed Bath & Beyond for repayments, a hedge fund saw a troubled company that had one thing going for it
and pushed for the company to start a liquidation, including selling off inventory, to repay their loans, said people familiar with the matter.
Ms. Gove, Bed Bath & Beyond’s chief executive, and her team sought a delay. They told the lenders they needed more time to set up bank accounts to make payroll in bankruptcy, the people said.
Investors, employees and vendors are divided on whether it will be enough. Bed Bath & Beyond lost more than $1 billion in the nine months ended on Nov. 26. Itfor another quarter and needs to stem its losses to avoid burning through its rescue package, as it did with a September financing deal. The company’s stock, which was trading near $6 the day the rescue was announced, has fallen back below $2 this week. The bonds are trading at between 11 and 27 cents on the dollar, according to Finra data.
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