As it was long anticipated, legendary U.S. home comfort store chain Bed, Bath and Beyond (BBBY), after defaulting on its debt earlier this month, was determined to be unable to repay to some of its lenders. Thus, the company moved even closer to the brink of bankruptcy. Bed Bath & Beyond stock has become popular with “meme” traders and short sellers, who have been betting on opposite sides of the trade as the retailer reported a poor holiday season and plans to shut down stores. Shares have traded as high as $30.06 and as low as $1.27 in the past 12 months, while declining 81.8% overall in that time.

JPMorgan Chase informed Bed Bath & Beyond on Wednesday that the retailer defaulted on its credit line with the bank roughly two weeks ago, causing JPMorgan to ask the company to immediately pay back all outstanding loans (it had $550 million in outstanding loans with JPMorgan Chase as of November).

In its turn, Bed Bath & Beyond’s spokesperson said one day later that the company “does not have sufficient resources to repay the amounts under the Credit Facilities,” forcing it to “consider all strategic alternatives, including restructuring its debt under the U.S. Bankruptcy Code.”

Shares of Bed Bath & Beyond fell 22% after Thursday’s sensational riff and closed at $2.52. The company’s share price has plummeted almost 82% over the past year, though it has occasionally rallied amid interest from retail traders due to its status as a meme stock.

Bed Bath & Beyond began mulling a bankruptcy filing weeks ago, as the retail chain has apparently fallen a victim of the digital commerce era, whose struggles only got harder and harder for years as consumers switched from brick-and-mortar stores to online sales. Former CEO Mark Tritton sought to modernize Bed Bath & Beyond by boosting digital sales, slashing its once-dizzying array of products and introducing new private brands, but Tritton left the company in late 2022 after less than three years at the helm as sales continued to struggle. The company said last year it would close 150 stores and lay off around 20% of its employees.