Bed Bath & Beyond Canada Ltd. was granted an initial order for creditor protection by the Ontario Superior Court of Justice Friday under the Companies' Creditors Arrangement Act, according to the company acting as the court-appointed monitor for the case.
Bed Bath & Beyond Canada is insolvent and cannot restructure its operations without support from its American parent company, court documents posted to Alvarez & Marsal Canada Inc.'s website show.
Bed Bath & Beyond Canada has commenced the creditor protection proceedings to allow for a timely wind-down of the business and liquidation of inventory, according to the documents dated Feb. 10.
The company had a net loss of $99.5 million for the nine-month period ending Nov. 26, 2022, the documents show.
As of Nov. 26, Bed Bath & Beyond Canada's assets were valued at around $480.1 million, the documents show, while its total liabilities were worth around $429.7 million.
Adjusted earnings for the past three financial years were negative, and the Canadian arm of the retail giant contributed significant negative adjusted earnings margins to the parent company, the documents said.
U.S. parent company Bed Bath & Beyond Inc. has shut scores of its stores across the country and warned last month that it may need to file for bankruptcy protection as it was unable to pay back its loans.
It recently raised about $1 billion through offerings of preferred stock and warrants, which it said will be used to pay off debt.
The documents say the parent company has determined it's no longer able to provide financial and operational support to its Canadian arm.
-- With files from The Associated Press
This report by The Canadian Press was first published Feb. 10, 2023.
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