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Union, N.J. – Bed Bath & Beyond has hit a hard wall, notifying the Securities and Exchange Commission that it has defaulted on credit lines and cannot pay.
In a filing this afternoon, BBBY notified the SEC that it had received a notice of default and request for immediate payment on its loans from JP Morgan on Jan. 25.
“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,” it said.
The company owes $550 million under its asset-backed loan with JP Morgan and $375 million to lender Sixth Street after expanding its credit facility last August, CNBC noted.
Bed Bath & Beyond has been working on multiple fronts to salvage its business and warned earlier this month that bankruptcy could be looming.
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