BBBY - Financial woes increase for Bed Bath & Beyond as it misses interest payments
- Bed Bath & Beyond ( NASDAQ: BBBY ) failed to pay back more than $28M in interest payments on debt notes of around $1B. A company spokesperson confirmed the missed payment on Wednesday.
- The latest news comes just a day after reports that the home-goods retailer was preparing to seek bankruptcy protection and lining up liquidators to close additional stores.
- The interest payments were due on February 1, and the default puts Bed Bath & Beyond in a 30-day grace period. Last week the retailer also got a default notice from JPMorgan Chase warning of inadequate funds for payments.
- Bed Bath & Beyond ( BBBY ) was also reportedly in talks for a loan to help it navigate through bankruptcy proceedings.
- Shares have dropped around -83.5% in the past year, but is trading +17% in pre-market hours on Thursday.
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Financial woes increase for Bed Bath & Beyond as it misses interest payments