{"id":1835986,"date":"2023-02-05T10:50:52","date_gmt":"2023-02-05T15:50:52","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1835986"},"modified":"2023-02-05T10:52:01","modified_gmt":"2023-02-05T15:52:01","slug":"troubled-bed-bath-beyond-shuttering-87-more-stores-as-possible-bankruptcy-looms","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/troubled-bed-bath-beyond-shuttering-87-more-stores-as-possible-bankruptcy-looms\/","title":{"rendered":"Troubled Bed Bath &amp; Beyond Shuttering 87 More Stores as Possible Bankruptcy Looms"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftroubled-bed-bath-beyond-shuttering-87-more-stores-as-possible-bankruptcy-looms%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1835986&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/01\/Bed-Bath-Beyond-1200x800-1.jpg\" class=\"ff-og-image-inserted\" alt=\"image\"   style=\"display:none\"><\/div>\n<p>Troubled\u00a0home goods retailer <a href=\"https:\/\/www.theepochtimes.com\/t-bed-bath-beyond\">Bed Bath &#038; Beyond<\/a> is shutting an\u00a0additional 87 stores as its financial woes continue, a spokesperson has confirmed.<\/p>\n<p>A spokesperson for the company told The Epoch Times via email that they had received a statement from The Epoch Times. \u201cThis store fleet reduction expands the Company\u2019s ongoing closure program of approximately 150 lower-producing Bed Bath &#038; Beyond banner stores. We will update all stakeholders on our plans as they develop and finalize.\u201d<\/p>\n<p>The company will also be shuttering\u00a0five Buybuy Baby stores, as well as all of its Harmon beauty locations, the spokesperson confirmed.<\/p>\n<p>Bed Bath &#038; Beyond President and CEO,\u00a0Sue Gove, <a href=\"https:\/\/www.theepochtimes.com\/more-bed-bath-beyond-stores-closing_4979989.html\">This was what I said to investors earlier this month<\/a> that store closures will\u00a0allow the company to \u201callocate resources according to customer demand\u201d Get more \u201cstreamlined\u201d It adopts a \u201cmore focused infrastructure that reflects our current business.\u201d<\/p>\n<p>The latest store closures\u2014the locations of which were not disclosed\u2014bring the <a href=\"https:\/\/www.theepochtimes.com\/more-bed-bath-beyond-stores-closing_4979989.html\">Total number of closings<\/a> From just over 200 stores in the United States, it is now available in more than 200. In total,\u00a0Bed Bath &#038; Beyond has around\u00a0708 stores.<\/p>\n<p>Bed Bath &#038; Beyond was founded in\u00a01971\u00a0in New Jersey by Warren Eisenberg and Leonard Feinstein and was once one of the leading home goods retailers in the United States.<\/p>\n<p>However, the retailer has been hit with a series of issues in recent years amid the COVID-19 pandemic, supply chain issues, tight inventory, credit constraints, and increasing demands from vendors for earlier payments, which have made it harder to\u00a0keep shelves stocked.<\/p>\n<h2>Retailer warns about insufficient funds<\/h2>\n<p>Inflation and an ever-increasing economy have led to decreased consumer demand.<\/p>\n<p>The situation was further worsened for Bed Bath &#038; Beyond when\u00a0GameStop Chairman Ryan Cohen, previously a major shareholder in the retailer, sold off his entire stake in the company in August last year.<\/p>\n<p>A\u00a0U.S. Securities and Exchange Commission (SEC) filing (<a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/886158\/000092189522002496\/sc13da313351002_08182022.htm\">PDF<\/a>) shows that\u00a0Cohen had owned stock and options representing over 9.4 million shares of the retailer before tapping out, sending shares of the company plummeting.<\/p>\n<p>Last week, Bed Bath &#038; Beyond warned that it\u00a0has <a href=\"https:\/\/www.theepochtimes.com\/bed-bath-beyond-defaults-on-debt-payment-amid-bankruptcy-fears_5014800.html\">insufficient funds to pay off its debt<\/a> and has defaulted on its credit line with lender JPMorgan, which could\u00a0force it to consider restructuring its debt in <a href=\"https:\/\/www.theepochtimes.com\/t-bankruptcy\">bankruptcy<\/a> court.<\/p>\n<p>The company owes $550 million under its asset-backed loan with JP Morgan and $375 million to the investment firm and lender Sixth Street.<\/p>\n<p>It also has\u00a0$1.2 billion\u00a0in high-risk unsecured notes with maturity dates spread across 2024, 2034, and 2044.<\/p>\n<p>In a filing (<a href=\"https:\/\/bedbathandbeyond.gcs-web.com\/static-files\/6d5dc409-d879-4972-a3cf-d691890981c3\" target=\"_blank\" rel=\"noopener\">pdf<\/a>) with the SEC on Jan. 26, the retailer said that it had received a\u00a0notice of acceleration and default interest from\u00a0JPMorgan Chase under its credit agreement with the financial institution.<\/p>\n<h2>Defaulting on Loans<\/h2>\n<p>\u201cThe notice provides that as a result of the events of defaults that occurred on or around Jan. 13, 2023, and are continuing, which were among other things due to the company\u2019s failure to prepay an over-advance and satisfy a financial covenant, the administrative agent has determined to exercise certain rights and remedies available pursuant to the Amended Credit Agreement,\u201d Bed Bath &#038; Beyond wrote.<\/p>\n<p>According to the notice of acceleration and default interest,\u00a0Bed Bath &#038; Beyond must pay back the credit \u201cimmediately\u201d or risk having to pay an additional interest rate of 2 percent per annum on the loan from JPMorgan Chase.<\/p>\n<p>However, the struggling company warned that \u201cat 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.\u201d<\/p>\n<p>While it is forging ahead with a string of actions in the hope of avoiding bankruptcy, such as cutting costs, lowering capital expenditures, and reducing its store footprint, the company has stressed that such measures \u201cmay not be successful.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Troubled\u00a0home goods retailer Bed Bath &#038; Beyond is shutting an\u00a0additional 87 stores as its financial woes continue, a spokesperson has confirmed. A spokesperson for the company told The Epoch Times via email that they had received a statement from The Epoch Times. \u201cThis store fleet reduction expands the Company\u2019s ongoing closure program of approximately 150 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1826824,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[7740,12555,8398,9080,4493,9845,17686],"class_list":["post-1835986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-bankruptcy","tag-bath","tag-bed","tag-looms","tag-shuttering","tag-stores","tag-troubled"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1835986","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1835986"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1835986\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1826824"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1835986"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1835986"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1835986"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}