CNN
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The end could be near for struggling retailer Bed Bath & Beyond, as it warned in a regulatory filing Thursday that it received a notice of default from its lender, JPMorgan Chase. Shares of Bed Bath & Beyond (BBBY) plunged more than 20% on the news, to about $2.56 a share.
The company said in its SEC filing Thursday that “at this time, the Company does not have sufficient resources to repay the amounts under the Credit Facilities and this will lead the Company to consider all strategic alternatives, including restructuring its debt under the U.S. Bankruptcy Code.”
Bed Bath & Beyond defaulted “on or around” January 13, according to the Securities & Exchange Commission filing. As a result, creditors are demanding immediate payment.
Bed Bath & Beyond could be forced to file for Chapter 11 bankruptcy…
