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Bed Bath beefs up legal team ahead of possible bankruptcy filing in New Jersey



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A “Store Closing” banner on a Bed Bath & Beyond store in Farmingdale, New York, on Friday, Jan. 6, 2023.Johnny Milano | Bloomberg | Getty ImagesBed Bath & Beyond is bulking up its team of legal advisors as the troubled retailer preps a potential bankruptcy filing that would take place in New Jersey in the coming weeks, according to people familiar with the matter.The company has hired law firm Cole Schotz to assist in a potential filing in the U.S. Bankruptcy Court in the District of New Jersey, according to the people who weren’t authorized to speak publicly on the matter. The situation remains fluid, however, and plans may change, the people added.Bed Bath has been in discussions to nail down financing that would keep it afloat if it were to file for bankruptcy, CNBC previously reported. The company also is in the midst of a sale process in hopes of keeping its namesake chain and Buybuy Baby business alive.Still, the Union, New Jersey-based retailer has been moving toward a bankruptcy filing in its home state, an increasingly popular venue for Chapter 11 cases, the people said.Earlier this week, fellow retailer Party City filed for Chapter 11 bankruptcy protection with …

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