Updated: August 24, 2022 – According to the Wall Street Journal: “Bed Bath & Beyond Inc. has found a financing source to shore up its liquidity as it tries to weather recent missteps, according to people familiar with the matter.” – “Bed Bath & Beyond Clinches Loan Deal,” Jodi Xu Klein and Andrew Scurria, Wall Street Journal, August 23, 2022
Some vendors have stopped shipping Bed Bath & Beyond. In addition, worryingly, factors are refusing to insure receivables. That’s according to several articles appearing over the last few days. Here are some examples:
“Some Bed Bath & Beyond suppliers halt shipments on unpaid bills” – Fortune Magazine
“Bed Bath & Beyond is at risk of filing for bankruptcy. How did it get here?” – Deep Dive
“Bed Bath & Beyond’s stock tumbles amid meme-stock selloff and cash concerns” – Market Watch
Here is how Bloomberg breaks it down in its article , “Some Bed Bath & Beyond Suppliers Halt Shipments on Unpaid Bills,”
Some Bed Bath & Beyond Inc. suppliers are restricting or halting shipments altogether after the home-goods retailer fell behind on payments, according to people familiar with the matter…Several of the firms that provide credit insurance or short-term financing to vendors have revoked coverage of Bed Bath & Beyond, according to the people, who asked not to be identified discussing private information.“Some Bed Bath & Beyond Suppliers Halt Shipments on Unpaid Bills,” August 19, 2022
Bed Bath & Beyond has had numerous challenges over the last few months. It invested too much of the wrong inventory cutting into its ability to purchase new goods. Its CEO resigned in June, and its stock price fell after a major investor sold his shares.
According to the article, suppliers report that Bed Bath & Beyond is late paying bills.