Bed Bath & Beyond Inc has received a notice of acceleration and default interest for its loans from JPMorgan Chase Bank N.A., a regulatory filing showed on Thursday.
A person exits a Bed Bath & Beyond store in Manhattan, New York City, U.S., June 29, 2022. REUTERS/Andrew Kelly/File Photohas received a notice of acceleration and default interest for its loans from JPMorgan Chase Bank N.A., a regulatory filing showed on Thursday.The bank has determined to exercise rights such that all outstanding loans under credit facilities and other obligations of Bed Bath & Beyond under its amended credit agreement are due and payable immediately.
The struggling home goods retailer said it does not have sufficient resources to repay the amount at this time, adding that it will consider all strategic alternatives, including restructuring its debt under the U.S. Bankruptcy Code.it was exploring a range of options to address its plunging sales that included declaring bankruptcy.All of the outstanding loans and obligations under the credit facilities would bear interest at an additional default rate of 2% per annum, starting Jan.
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