The BBB is about to go BK, at least according to many recent reports.
That’s right, Bed, Bath & Beyond is nearing bankruptcy and closing more stores.
Investor Place reported:
Bed Bath & Beyond owed $28 million of interest on bonds worth $1.2 billion on Feb. 1. It previously defaulted on $550 million in loans arranged by JPMorgan Chase (NYSE:JPM) and a $375 million facility from investment firm Sixth Street Partners.
The retailer now has a 30-day grace period to come up with the cash. It has announced the closing of 87 more stores and the Harmon drug store chain, on top of 150 stores closed last year. Bed Bath & Beyond is trying to sell its Buy Buy Baby chain but finding few takers. The stores that remain are emptying of merchandise. All these moves, which are meant to conserve or raise cash, are typical in a company facing bankruptcy.
