Bed Bath & Beyond Inc. has brought on turnaround consultant AlixPartners as its new restructuring adviser as the troubled home-goods retailer prepares for a likely bankruptcy, WSJ Pro Bankruptcy reported. The company has also been working with law firm Kirkland & Ellis LLP and investment banker Lazard Ltd. on restructuring efforts, and last week said it is considering all options including a bankruptcy filing to battle its declining cash and dropping revenue. AlixPartners replaced Berkeley Research Group LLC, a consulting firm Bed Bath & Beyond had been working with since the middle of last year. A representative for Bed Bath declined to comment on AlixPartners’s hire and added that it has a team “internally and externally with proven experience in helping companies successfully navigate complex situations and become stronger.” BRG was brought on in June to help Bed Bath improve its cash and inventory levels and balance sheet. The retailer secured $375 million in loans in August to shore up its cash position and help pay down some existing debt. The company planned to reduce its spending by cutting $150 million in capital expenditures for fiscal 2022. The loans provided by Sixth Street Partners helped pad its liquidity and assuage vendors’ concerns about the retailer’s ability to pay them. The company went on a roadshow in the fall to convince vendors not to tighten payment schedules on goods shipments.
