Bed Bath & Beyond (BBBY) Reports Bankruptcy Court Confirmed Second Amended Joint Chapter 11 Plan of Bed Bath & Beyond and Its Debtor Affiliates

September 20, 2023 4:20 PM EDT

As previously disclosed, on April 23, 2023 (the “Petition Date”), Bed Bath & Beyond (OTC: BBBYQ) and certain of its direct and indirect subsidiaries (collectively, the “Company Parties”) filed voluntary petitions (the “Chapter 11 Cases”) under Chapter 11 of the U.S. Bankruptcy Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the District of New Jersey (the “Bankruptcy Court”).

On September 14, 2023, the Bankruptcy Court entered its order (the “Confirmation Order”) confirming the Second Amended Joint Chapter 11 Plan of Bed Bath & Beyond Inc. and Its Debtor Affiliates (the “Plan”). A copy of the confirmed Plan is filed as Exhibit 2.1 to this Form 8-K and incorporated by reference into this Item 1.03.

Summary of Plan

This summary is qualified in its entirety by referenced to the Plan, and capitalized terms used but not defined in the following summary shall have the meanings ascribed to them in the Plan. The Plan, as confirmed by the Court, contemplates, among other things, an orderly wind-down and liquidation of the Company Parties’ businesses and the vesting of the assets of the Company Parties’ bankruptcy estates with the Wind-Down Debtors.

In the Company’s most recent monthly operating reports filed with the Bankruptcy Court on August 21, 2023, the Company reported aggregated total assets of approximately $42.4 million and total liabilities of approximately $1,503.6 million as of July 31, 2023. This financial information has not been audited or reviewed by the Company’s independent registered public accounting firm and may be subject to future reconciliation or adjustments. This information should not be viewed as indicative of future results.

The Company has no preferred shares issued or outstanding and has 782,005,210 shares of common stock issued and outstanding as of July 20, 2023. On the effective date of the Plan, all of these shares will be canceled, released, and extinguished and will be of no further force or effect pursuant to the Plan.

The Company anticipates that the Plan will become effective on or about September 30, 2023.

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