Bed Bath & Beyond has defaulted on a major credit line with JPMorgan and is now considering "all strategic alternatives," including bankruptcy, to right its financial ship.
In an SEC filing, the company said it is taking a number of steps to stabilize itself, such as cost cutting and lowering capital expenditures. The retailer is also actively reducing its footprint of stores and distribution centers and negotiating with landlords to bring down rental costs.
"These measures may not be successful," the company said.
The filing is just the latest evidence that Bed Bath & Beyond is about to go bust. The embattled retailer previously said bankruptcy was a possibility, but a default escalates its troubles.
Bed Bath & Beyond owes $550 million to JPMorgan and another $375 million to lender Sixth Street, which is a sizable chunk of its $1.2 billion debt load.
Outside of bankruptcy, other options that could keep the company running include an acquisition — though no buyers have publicly announced their interest.
The board has named Carol Flaton, a restructuring expert, as an independent director.
Global prices for food commodities like grain and vegetable oil fell last year from record highs in 2022, when Russia’s war in Ukraine, drought and other factors helped worsen hunger worldwide, the U.N. Food and Agriculture Organization said Friday.
Wall Street is drifting higher after reports showed the job market remains solid, but key parts of the economy still don’t look like they’re overheating.
The Biden administration is docking more than $2 million in payments to student loan servicers that failed to send billing statements on time after the end of a pandemic payment freeze.
The nation’s employers added a robust 216,000 jobs last month, the latest sign that the American job market remains resilient even in the face of sharply higher interest rates.
A U.S. labor agency has accused SpaceX of unlawfully firing employees who penned an open letter critical of CEO Elon Musk and creating an impression that worker activities were under surveillance by the rocket ship company.
