Retail giant Bed Bath & Beyond has been hit hard by the economic downturn, with the company announcing that it can no longer pay its debts. The news sent the company’s shares plunging by 35%, according to Bloomberg Markets and Finance.
The company has defaulted on its credit line, according to a report by CNBC, and also warned that it does not have enough cash to pay down its debts. This has caused the company’s stock to drop even more, with MarketWatch reporting that it has plunged more than 20% after the filing showing the default on loans.
The news has caused a ripple effect in the retail industry, with other companies feeling the effects of Bed Bath & Beyond’s struggles. The company’s future remains uncertain, and it is unclear what the next steps will be.
For more on this developing story, view the full coverage on USNN.
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