Bed Bath & Beyond Says It Received Default Notice From JPMorgan
- Creditors want cash after retailer breached credit-line terms
- Company says it lacks cash to make accelerated payments
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Bed Bath & Beyond Inc. edged closer to a bankruptcy filing on Thursday after the retailer said it had received a default notice from JPMorgan Chase & Co., its loan agent, and warned it didn’t have enough funds to make payments.
Creditors are demanding immediate repayment of the company’s debt after it breached the terms of a credit line, according to a regulatory filing Thursday. Bed Bath & Beyond listed around $2.1 billion of obligations it owed as of November.