After days of speculation about when Bed Bath & Beyond (NASDAQ:BBBY) could file for bankruptcy, it could be as soon as this week, Reuters reported on Tuesday. The retailer has already lined up liquidators to close more of its stores unless a buyer emerges at the last minute, the report said.
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The company could also be negotiating a loan with Sixth Street to navigate its bankruptcy proceedings, Reuters stated. Sixth Street loaned BBBY around $375 million last year.
In the past month, BBBY has announced a string of store closures as the company doesn’t have enough cash on hand to pay off its debt of $2.57 billion in current liabilities.
Needless to say, analysts rate BBBY stock a unanimous Strong Sell with six Sells.
