Bed Bath & Beyond Plans $1B Stock Offering

Financially struggling Bed Bath & Beyond Inc. (Union, N.J.) has unveiled plans to raise just over $1 billion in stock to stave off a possible bankruptcy filing. The once high-flying retailer also said it would tap $100 million from its existing credit line to repay outstanding debt.

BB&B said proceeds from the above actions would be used for “general corporate purposes, including, but not limited to, rebalancing the company’s [merchandise] assortment and building back the company’s inventory.”

However, the company also said it “cannot give any assurances that it will receive any or all of the proceeds of the offering.” Indeed, one analyst told news site Axios that the retailer’s actions are a “a last roll of the dice.”