Bed Bath & Beyond Gets a Default Warning Letter from JPMorgan

Bed Bath & Beyond Gets a Default Warning Letter from JPMorgan

Jakarta, CNNIndonesia

Bed Bath & Beyond signal will bankrupt getting stronger. Because the company retail The United States (US) received a warning default from its creditor, JPMorgan Chase.

To quote CNN Business, Bed Bath & Beyond (BBBY) shares plunged more than 20 percent on news of the default. Currently, BBBY’s share price is around US$2.56 per share.

In its periodic reports to securities, the company states that it does not have enough money to pay off some debts.

Management is considering taking strategic alternative steps such as debt restructuring. The company also cut operational costs, lowered capital expenditures and closed a number of stores and distribution centers.

Bed Bath & Beyond was founded in 1971 as a retail store selling furniture and home d├ęcor. The company is known for its 20 percent off coupons, as well as stacks to the ceiling in its store concepts.

However, these retail companies have to struggle when shopping trends emerge on line. Their 20 percent off coupons no longer entice shoppers and are being beaten by cheaper deals on Amazon and other online shopping sites.

Not to mention the presence of rivals such as Walmart and Target also made Bed Bath & Beyond confused.

Companies have also taken a hit during the pandemic. Their store is closed for the duration of 2020. Bed Bath & Beyond lost 17 percent of its sales in 2020 and 14 percent in 2021.

As of February 2022, Bed Bath & Beyond has 950 stores and 32 thousand workers.

[Gambas:Video CNN]

(pta/sfr)



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