Bed Bath & Beyond defaults on credit line

Bed Bath & Beyond has defaulted on its credit line with JPMorgan.

Officials with the home goods retailer said in a securities filing that the company "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 company is working to cut costs by reducing capital expenditures, closing stores and negotiating lease deals with its landlords. However, "these measures may not be successful," company officials said.

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