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.
Darden, the parent company of chain restaurants like Olive Garden and Ruth's Chris Steakhouse, beat Wall Street estimates in its latest earnings report.
A former Facebook executive pled guilty to stealing more than $4 million from the company while she was employed there.
Rising safety concerns over water bead products marketed to kids have prompted major retailers like Amazon, Target and Walmart to pull some toys off their shelves.
The Congressional Budget Office said Friday it expects inflation to nearly hit the Federal Reserve's 2% target rate in 2024, as overall growth is expected to slow and unemployment is expected to rise into 2025, according to updated economic projections for the next two years.
Intel is out with a new product to challenge other big players in the space like Nvidia and AMD.
Stocks fell after the opening bell Friday but will end on another positive week.
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Americans picked up their spending from October to November as the unofficial holiday season kicked off, underscoring that shoppers still have power to keep buying.
The average long-term U.S. mortgage rate dropped below 7% to its lowest level since early August, another boost for prospective homebuyers who have largely been held back by sharply higher borrowing costs and heightened competition for relatively few homes for sale.
Mortgage rates have dropped below 7% for the first time since the middle of August.
