Bed Bath & Beyond missed interest payments on approximately $1 billion in bonds yesterday and has entered a 30-day grace period during which it can still make the payments.
In the meantime, the retailer is shutting down stores, including its Harmon beauty shops, our colleagueBed Bath & Beyond began attempting a turnaround in 2019 when activist investors installed a new management team under Target's former chief merchandising officer Mark Tritton.
That strategy, in addition to nixing its 20% off coupons and decluttering its stores, entailed a large cash investment and alienated shoppers, the source adds.
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