S&P Global Ratings downgraded Bed Bath & Beyond Inc.’s credit Friday, a day after the beleaguered retailer said it was in default on loans that have been called in.
The default filing sent Bed Bath & Beyond’s BBBY stock plunging, although it rallied to end Friday’s session up 1.2%, outpacing the S&P 500 Index’s SPX 0.3% gain. Howard Ehrenberg, a bankruptcy and reorganization practice partner at the law firm Greenspoon Marder, thinks that Bed Bath & Beyond’s bankruptcy filing could be imminent. “My best assumption is that BBBY will file before the bank takes action to seize the assets,” he told MarketWatch via email Thursday. “The loan documents most assuredly give the bank the right to take control of the company and the inventory.
Related: As specter of bankruptcy looms over Bed Bath & Beyond, what’s next for the troubled retailer?
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