Bed Bath & Beyond Taps new Restructuring Adviser as Bankruptcy Looms

The home goods retailer hired AlixPartners in advance of a likely bankruptcy filing

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, according to sources familiar with the matter.

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 (BRG), a consulting firm Bed Bath & Beyond had been working with since the middle of last year, the sources said.

A representative for Bed Bath & Beyond 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."