![]() Backers of the game and developers are desperate to find vacant spaces to build courts. Meanwhile, pickleball is America’s fastest growing sport. The new mix at malls also includes skydiving, virtual golf and breweries. Justin Sullivan/Getty Imagesīed Bath & Beyond is closing hundreds of stores. One week after home retailer Bed Bath and Beyond announced plans to close 87 of its stores the company added 150 stores to that list of closures in an effort to stave off bankruptcy. She will make $30,000 a month, "payable in cash in advance," the filing said.A customer looks into a closed Bed Bath and Beyond store on Februin Larkspur, California. In another filing Thursday, Bed Bath said its board named restructuring expert Carol Flaton an independent director. Bankruptcy Court in New Jersey, CNBC previously reported. In addition, the company has been preparing for a potential chapter 11 filing in the U.S. The company also is in the midst of a sale process in hopes of keeping its namesake chain and Buybuy Baby business alive. The retailer has been in discussions to nail down financing that would keep it afloat if it were to file for bankruptcy, CNBC previously reported. The update Thursday comes several weeks after the retailer issued a "going concern" notice that it may not be able to cover its expenses following a worse-than-expected quarter.īed Bath has been exploring its options in recent weeks. As of that date, Bed Bath said it had $225.7 million remaining in cash. It used $890 million in cash during the nine months ended Nov. The company has been burning through cash in recent quarters. The company said previously it wasn't able to refinance portions of that debt less than a month after it told investors it planned to take out more credit to pay down its obligations. The company owes $550 million under its asset-backed loan with JP Morgan and $375 million to lender Sixth Street after expanding its credit facility last August.īed Bath's debt load also includes nearly $1.2 billion in unsecured notes, which have maturity dates spread across 2024, 20, and have been trading at distressed levels. Some vendors required prepayments, the company said. It comes at a time that inflation is weighing on consumers' wallets and shoppers put their discretionary dollars towards experiences, like dining out or booking trips, over home goods.Īmid tough macro challenges, Bed Bath's vendors tightened their credit terms and cut limits while requiring earlier payments during its fiscal second quarter, which prevented the company from properly stocking its inventory ahead of the holiday season, the filing states. The latest filing is another sign that time is running out for Bed Bath, as sales lag and debts pile up for the cash-strapped retailer. Bankruptcy Code."īed Bath is attempting to cut costs by lowering capital expenditures, closing stores and negotiating lease deals with its landlords but warned "these measures may not be successful." In a securities filing, the struggling home goods retailer said 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 U.S. Personal Loans for 670 Credit Score or Lower ![]() Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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