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.
Orangetheory Fitness is redefining the future of workouts with smarter tech, strength-based programming, and community-driven studios built for what’s next.
Wealthfront’s CFO Alan Iberman talks the $2.05B IPO and the major moment for robo banking as the company bets on AI, automation, and “self-driving money."
U.S. sports betting is booming as NFL and college football fuel massive activity. BetMGM CEO Adam Greenblatt breaks down trends, growth, and what’s next.
