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Bed Bath & Beyond (NASDAQ:BBBY) is preparing to file for bankruptcy as soon as this week, according to Reuters.
The company has already prepared a list of liquidators to close additional stores unless a last-minute buyer emerges, the report states citing several people familiar with the matter. Liquidators could be launched as soon as this weekend if needed.
Bed Bath & Beyond’s executives were meeting on Monday to discuss potential options of last resort. The company is in talks with investment firm Sixth Street, which already loaned $375 million to BBBY last year, to secure additional funding.
Today’s reporting comes after Bed Bath & Beyond said last week it defaulted on a loan and is now reportedly likely to skip debt payments that are due tomorrow.
BBBY stock gained 12.55% yesterday to close at $2.87, giving it a market capitalization of $336.71M.
