Article

2023-01-28 Economy

Bed Bath and Beyond defaults on credit line, warns it can't pay down debts

[MSN] Bed Bath & Beyond said Thursday it doesn't have enough cash to pay down its debts and it has defaulted on its credit line with JPMorgan, warning once again of a potential bankruptcy.

Shares of Bed Bath plunged Thursday afternoon, prompting brief trading halts. The stock closed 22% down with a market cap of about $295 million, although it traded higher Friday morning.

In a securities filing, the struggling home goods retailer said it "does not have sufficient resources to repay the amounts under the Credit Facilities and this will lead the Company to consider all strategic alternatives, including restructuring its debt under the U.S. Bankruptcy Code."

Bed Bath is attempting to cut costs by lowering capital expenditures, closing stores and negotiating lease deals with its landlords but warned "these measures may not be successful."

The latest filing is another sign that time is running out for Bed Bath, as sales lag and debts pile up for the cash-strapped retailer. It comes at a time that

Posted by Fred 2023-01-28 00:00|| || Front Page|| [13 views ] Top

#1 Time to throw in the towel.

Snark O'The Day

Posted by Mad Eye Omeretch7959 2023-01-28 00:09|| 2023-01-28 00:09|| Front Page Top

#2 ^ 9 minutes in and we already have a SOTD candidate?

Posted by Frank G 2023-01-28 05:42|| 2023-01-28 05:42|| Front Page Top

#3 Michael Lindell could not be reached for comment.

Posted by Procopius2k 2023-01-28 06:33|| 2023-01-28 06:33|| Front Page Top

#4 All snarks aside..,
They running a lot of 70% off sales and the Mrs.
has spend some $$$ there replacing cookware and household items.

Either way.
Yet another example of why businesses should the hell off of social and polictal issues and just focus of business.

Posted by NN2N1 2023-01-28 10:10|| 2023-01-28 10:10|| Front Page Top

#5 So long, and thanks for all the dish.

Posted by swksvolFF 2023-01-28 10:29|| 2023-01-28 10:29|| Front Page Top

#6 ^ I snorted at that one swksvolFF!

Posted by Deacon Blues 2023-01-28 10:51|| 2023-01-28 10:51|| Front Page Top

#7 Couldn’t they have just raised their debt limit?

Posted by Super Hose 2023-01-28 13:29|| 2023-01-28 13:29|| Front Page Top