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.
Conservative Leader Pierre Poilievre is supporting Israel's right to defend itself against Iran following last week's ballistic missile attack, saying that right includes 'proactively striking Iranian nuclear sites and oil installations to defund the terrorist regime.'
Florida's storm-battered Gulf Coast raced against a Category 5 hurricane Monday as workers sprinted to pick up heaps of appliances and other street debris left over from Helene two weeks ago and highways were clogged with people fleeing ahead of the storm.
Days after a political sign was erected outside Lululemon founder Chip Wilson's Vancouver mansion, the waterfront property has been vandalized with graffiti.
Toronto Coun. Michael Thompson 'forced himself on' a woman who awoke to find him standing over her after she fell asleep drunk, the Crown alleged Monday, as the five-day sexual assault trial of the six-term politician began in Bracebridge, Ont.
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With prayers, protests, and a heavy police presence, Canada has marked the anniversary of the Oct. 7, 2023, attack by Hamas on Israel that killed about 1,200 people and triggered an ongoing war.
A disgraced Winnipeg high school football coach convicted of sexual assault and luring will spend 20 years behind bars.
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Kamala Harris called Donald Trump 'incredibly irresponsible' for spreading falsehoods about the federal response to Hurricane Helene's destruction, offering especially sharp words as a new storm bears down on Florida with just weeks until Election Day.
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Republican presidential candidate Donald Trump said on Monday there are 'a lot of bad genes' in the United States, while discussing murders allegedly committed by immigrants living illegally in the United States.
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The weapons supervisor in the fatal shooting of a cinematographer by Alec Baldwin on the set of the Western film 'Rust' pleaded guilty Monday to a separate criminal charge of carrying a gun into a licensed liquor establishment.
Cissy Houston, the mother of the late Whitney Houston and a two-time Grammy winner who performed alongside superstar musicians like Elvis Presley, and Aretha Franklin, has died. She was 91.
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Saskatoon mayoral candidate Cynthia Block says the city needs a new deal with Ottawa to keep life affordable.
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Chrysler’s parent company, Stellantis, has filed nine lawsuits against the United Auto Workers (UAW) and 23 individual local units, saying the union violated its contract by threatening to strike over the company’s future plans.
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