BBBY defaulted on its debt in December. Defaulting doesn't mean bankruptcy however. The bondholders could legally start the bankruptcy process, but presumably

BBBY defaulted on its debt in December. Defaulting doesn't mean bankruptcy however. The bondholders could legally start the bankruptcy process, but presumably the bondholders wanted to see how the stock-selling deal would pan out. Now that the shares are under 20-cents and an additional 600+ million shares have been dumped to the market (from ~117 million in December 2022 to over 700-million today), its clear that the shareholders have been tapped out.