TELETRADER News
1/26, 9:21 PM
(Source: TeleTrader)
Bed Bath & Beyond nosedives 20% on bankruptcy warning
Bed Bath & Beyond Inc.'s shares plunged a bit over 20% on Thursday as the company warned of possible bankruptcy yet again, saying there is not enough cash for the debts to be paid off and adding that it failed to fulfill financial obligations with regard to the JP Morgan credit line.
According to a securities filing, the retail firm stated that it "does not have sufficient resources to repay the amounts under the Credit Facilities and this will lead the Company to consider all strategic alternatives, including restructuring its debt under the US Bankruptcy Code."
The company's stock plummeted 20.66% at 3:21 pm ET to $2.6050 per share.