Bed, Bath & Beyond is nearing bankruptcy and closing more stores.
Investor Place reported:
Bed Bath & Beyond owed $28 million of interest on bonds worth $1.2 billion on Feb. 1. It previously defaulted on $550 million in loans arranged by JPMorgan Chase (NYSE:JPM) and a $375 million facility from investment firm Sixth Street Partners.
The retailer now has a 30-day grace period to come up with the cash. It has announced the closing of 87 more stores and the Harmon drug store chain, on top of 150 stores closed last year. Bed Bath & Beyond is trying to sell its Buy Buy Baby chain but finding few takers. The stores that remain are emptying of merchandise. All these moves, which are meant to conserve or raise cash, are typical in a company facing bankruptcy.
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A lot of conservatives remember what Bed, Bath & Beyond did to MyPillow:
That’s right – a lot of conservatives boycotted Bed, Bath & Beyond after they discontinued MyPillow — and bought their bedding from MyPillow.com using promo code TGP directly instead (Gateway Pundit benefits when you use that code).
Here’s an idea for fixing the financial problems at Bed, Bath & Beyond:
Will they listen?
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Watch Mike talk about it here:
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Click here to see more!
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