Shares of Bed Bath plunged Thursday afternoon. The company’s market value stands at about $278 million.
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. Bankruptcy Code.”
The news 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.
-CNBC’s Lillian Rizzo contributed to this report.
This is a developing story. Check back for updates.
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