Submitted by OPINION_IS_UNPOPULAR t3_10m1ftr in wallstreetbets
Please keep all BBBY discussion here and avoid flooding the daily thread.
Bloomberg:
Bed Bath & Beyond Inc. said it received a default notice from JPMorgan Chase & Co. after it failed to prepay an overadvance and satisfy certain creditor protections.
Creditors are demanding immediate repayment of the company’s loans, according to a regulatory filing Thursday.
“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,” the filing said. Bed Bath & Beyond shares plunged as much as 26% to $2.41.
Source: https://archive.is/btcZY