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Distressed retail paper mostly soft; Bed Bath, Staples, Michaels, Rite Aid decline
By Cristal Cody
Tupelo, Miss., April 27 – Retail paper treading in distressed waters remained mostly weak on Wednesday as stock indices ended little changed and market volatility remained high.
Bed Bath & Beyond Inc.’s 5.165% senior notes due 2044 (B2/B+) have sunk over 10 points to a high 50s handle in April.
The issue slipped ½ point on Wednesday to 57½ bid.
The home products retailer’s 4.915% notes due 2034 (B2/B+) also were quoted about 1½ points weaker in lighter trading at 70¾ bid.
Office supplies retailer Staples Inc.’s 10¾% senior notes due 2027 (Caa2/CCC+) fell about ½ point in thin trading over the day.
The notes were last seen at the 89½ bid area and yielding 13.73%, a source said.
Arts and crafts retailer Michaels Cos., Inc.’s 7 7/8% senior notes due 2029 (B3/CCC+) traded off ¼ point at 79¾ bid in light secondary action.
Drugstore chain Rite Aid Corp.’s notes also remain mostly soft since the company reported heavy fourth-quarter losses earlier in April.
Rite Aid’s 7.7% senior debentures due 2027 (Caa2/CCC/CCC) were trading mainly in the 70 to 71 bid range over the session, down about 5 points since the start of the month, a source said.
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