BBB Canada Ltd., a retailer in Toronto, Ontario, obtained CCAA protection on February 10, 2023. This protection extended to its general partner, Bed Bath & Beyond Canada L.P., and its US parent, Bed Bath & Beyond Inc. (BBBI). The group faced significant net losses since 2018, exacerbated by the COVID-19 pandemic and economic downturn. Throughout 2022, the situation deteriorated further with declining sales, credit rating downgrades, cash flow issues, and inventory reductions.

In June 2022, new management implemented measures to conserve cash, reduce costs, and strengthen the balance sheet. By August 2022, they believed they were positioned for success. However, the unexpected death of BBBI's CFO created a leadership void during critical restructuring efforts. A marketing process led by Lazard did not yield a viable solution for Canada.

BBBI raised approximately $225 million through an equity offering, with the potential for an additional $800 million in the next 10 months. This funding aims to support the US turnaround outside of bankruptcy. Despite these efforts, there is insufficient capital to restructure both US and Canadian operations. The total potential transaction value was $1.025 billion.

Alvarez & Marsal (A&M) was appointed as the Monitor. Legal advisors include Osler for the company, Bennett Jones for the Monitor, McMillan for Sixth Street Specialty Lending, and Norton Rose Fulbright for JPMorgan Chase Bank.