82 426
Fashion Jobs
SACK OFF 5TH
Asset Protection Uniform Guard
Permanent · PARAMUS
SACK OFF 5TH
Asset Protection Investigator
Permanent · SHREWSBURY
SACK OFF 5TH
Fulfillment Associate Part-Time
Permanent · LAWRENCEVILLE
NGG
Sales Supervisor
Permanent · NEW YORK
COTY
Assistant Marketing Manager, us Luxury - Burberry Makeup
Permanent · NEW YORK
NORTH CAROLINA STATE
Enterprise Research Administration Training Manager
Permanent · RALEIGH
NORTH CAROLINA STATE
Academic Coordinator
Permanent · RALEIGH
CENTRIC BRANDS
(Assistant) Manager, Logistics (Origin Carriers)
Permanent · NEW YORK
CENTRIC BRANDS
Keyholder, Robert Graham - Scottsdale
Permanent · SCOTTSDALE
CENTRIC BRANDS
Keyholder, Robert Graham - Las Vegas (Forum Shops)
Permanent · LAS VEGAS
MICHAEL KORS
PT Sales Supervisor, Walt Whitman Shops Huntington Station NY 11746
Permanent · HUNTINGTON
JCREW
Associate Manager
Permanent · CHARLOTTE
RAG & BONE
Account Executive
Permanent · NEW YORK
RAG & BONE
Senior Coordinator, Retail Marketing
Permanent · NEW YORK
MACY'S
Manager, Asset Protection
Permanent · FRIENDSWOOD
MACY'S
Asset Protection Detective, Southlake Mall - Part Time
Permanent · CLAYTON
MACY'S
Asset Protection Detective - Multi-Store, South Shore Plaza - Full Time
Permanent · BRAINTREE
MACY'S
Asset Protection Lead Detective - Multi-Store, South Shore Plaza - Full Time
Permanent · BRAINTREE
MACY'S
Manager, Asset Protection - Multi-Store
Permanent · FAIRVIEW HEIGHTS
STAND OUT FOR GOOD
Brand Rep
Permanent · LEAWOOD
RALPH LAUREN
Associate Manager
Permanent · TEXAS CITY
RALPH LAUREN
Associate Manager
Permanent · LEEDS
By
Reuters
Published
Jan 27, 2023
Reading time
2 minutes
Download
Download the article
Print
Text size

Bed Bath & Beyond gets loan default notice from JPMorgan

By
Reuters
Published
Jan 27, 2023

​Bed Bath & Beyond Inc said on Thursday it had received a notice of default on its loan from JPMorgan Chase Bank N.A., triggering a 22% slump in its shares.


Reuters


The company said in a regulatory filing it does not have sufficient resources to repay the amounts under the credit facilities, adding it will consider all strategic alternatives, including restructuring its debt under the U.S. Bankruptcy Code.

​The home goods retailer said earlier this month it was exploring a range of options to address its plunging sales that included declaring bankruptcy.

"While not completely unexpected, today's default notice... underlines the company is living on both borrowed time and money," said Neil Saunders, managing director of GlobalData.

"Its fate will now ultimately be decided by creditors who are demanding repayment of some debt and further collateral."

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, according to the filing.

JPMorgan declined to comment.

The retailer's outstanding borrowings under an asset-backed loan and first-in-last-out loan (FILO) were $550 million and $375 million, respectively, as of Nov. 26. The company locked in the $375 million FILO from investment firm Sixth Street in August.

Bed Bath & Beyond posted a much bigger-than-expected quarterly loss this month and also announced more job cuts to trim costs.

The company's shares fell 2% in extended trading on Friday. They had rallied at the start of the year as individual investors piled in.


 

© Thomson Reuters 2024 All rights reserved.