Bed Bath & Beyond sinks on net loss, board shake-up; Community Health, Bausch lower

By Cristal Cody

Tupelo, Miss., June 29 – Bed Bath & Beyond Inc.’s senior notes plunged about 10 points in active secondary trading on Wednesday in the wake of dismal earnings and the ouster of the company’s chief executive officer.

The distressed retailer’s long bonds dropped to a 20s handle over the session after Bed Bath & Beyond announced revenue fell 25% in the fiscal first quarter ended May 28 and reported its net loss widened to $358 million from a net loss of $51 million in the same quarter last year.

Bed Bath & Beyond’s 5.165% senior notes due 2044 (B3/B+) sank 9½ points to head out near the 26¼ bid range on $14 million of paper traded on Wednesday, a source said.

In other distressed secondary action on Wednesday, Community Health Systems Inc.’s notes were down ½ point to 2¾ points, a source said.

CHS/Community Health Systems, Inc.’s 6 7/8% notes due 2029 (Caa2/CCC) dropped about 2¾ points to the 65½ bid range by the close.

Bausch Health Cos. Inc.’s bonds declined in strong trading activity during the session, a source said.

The company’s 5¼% senior notes due 2031 (B3/B-) fell ½ point to 57½ bid on $12 million of paper traded.

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