Former Bed Bath & Beyond Employees Receive Severance After Delays
- Equity deal from last week lets retailer catch up on payments
- Overdue interest to bondholders still outstanding, sources say
A "Store Closing" banner on a Bed Bath & Beyond store in Farmingdale, New York.
Photographer: Johnny Milano/BloombergThis article is for subscribers only.
Former Bed Bath & Beyond Inc. employees say they have received their delayed severance pay as the troubled retailer catches up on overdue payments after securing an against-the-odds equity deal last week.
Some of the former employees said they received their lump-sum severance payments at the end of last week. Those payments had been delayed since at least mid-January, when Bed Bath & Beyond said it was dismissing an unspecified number of employees to continue to cut costs.