Union, N.J. – Every week after receiving a default discover from lender JP Morgan, Bed Bath & Beyond yesterday took a powder on greater than $1 billion in curiosity funds on bonds that got here due Feb. 1.
A Bed Bath & Beyond spokeswoman confirmed the missed payments to Bloomberg in a written assertion.
“A number of paths are being explored and we’re figuring out our subsequent steps fastidiously, and in a well timed method,” she advised the information company.
The default kicks off a 30-day grace interval throughout which Mattress Bathtub & Past could make the funds or negotiate alternate preparations.
Sources recently told Reuters that Mattress Bathtub & Past Inc. is getting ready to hunt chapter safety as quickly as this week. Simply days in the past, the corporate added 87 Mattress Bathtub & Past shops and 5 buybuy Child models to the record of 150 closings it started scheduling final yr. It additionally started shutting down the whole Harmon well being & magnificence chain, which operates 52 models.
Final week, Mattress Bathtub acquired a discover of default and request for rapid cost on its $550 million asset-backed mortgage with JP Morgan. It additionally owes $375 million on a mortgage from lender Sixth Avenue. The corporate has reportedly been in talks with Sixth Avenue for a further mortgage to cowl it in chapter proceedings.
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