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.
Caraway CEO, Jordan Nathan, joins Cheddar to discuss how one bad accident turned into a successful business venture and how it will help you in the kitchen.
Chelsey Dulaney, reporter from The Wall Street Journal, takes us inside her piece about American Exceptionalism Trade and explains how it will affect consumers.
Sunset Magazine Editor-In-Chief, Hugh Garvey, talks the latest issue on the LA fires' threat to the California dream and the importance of the recovery efforts.
Oura Ring CEO Tom Hale joins Cheddar to take us inside the comprehensive health tracking device, explains how it works and how it can save your life. Watch!
NASCAR star Bubba Wallace joins Steve Quirk, Chief Brokerage Officer at Robinhood, on the floor of the NYSE to discuss their latest partnership. Watch!
Adam Bierman, author of 'Weed Empire,' talks about the cannabis business in America and how he battled the Department of Justice and investment banks. Watch!
