Retailer Bed bath and beyond BBBY has been one of the biggest stock storylines of 2022. The popular stock that has been tagged among “meme stocks” sparked a lot of interest after GameStop Company EMG President ryan cohen accumulated a stake in the company.

The retailer faces several issues, including high debt. Here’s what could be the next step for the company.

What happened: Cohen recently quit his role at Bed Bath & Beyond, making a profit of over $60 million. Several other traders have made profits trading the retailer, including Jack Freeman, who won $100 million.

Other investors have not fared as well, and more pain may be ahead.

Bed Bath & Beyond Hired Kirkland and Ellis to help reduce its debt and possible restructuring, according to Bloomberg. The law firm is known to have been hired in several bankruptcy moves.

“Our market-leading restructuring group offers a wide range of business advisory and crisis management skills to guide clients through the turmoil of situations involving financially distressed businesses,” Kirkland & Ellis says on his website.

The company said it was helping with restructuring efforts “both in and out of Chapter 11,” referring to companies going bankrupt or the latest efforts to avoid it.

Hiring Kirkland & Ellis comes as a novelty reports from Bloomberg said that several Bed Bath & Beyond suppliers are restricting or halting shipments because they are not getting paid. The article cites a supplier survey by Pulse Ratings that shows the retailer is overdue with multiple suppliers, some up to 90 days.

Related Link: If You Invested $1,000 In Bed Bath & Beyond Stock When Ryan Cohen Did It, Here’s How Much You’d Have Now

Why it matters: While hiring Kirkland & Ellis doesn’t spell bankruptcy for Bed Bath & Beyond, it could mean it’s on the table as an option.

Bed Bath & Beyond has high debt and hiring the law firm is seen as a way to help raise new funds, refinance existing debt and explore other options.

Kirkland & Ellis has a long list of past help with failing businesses. This includes work with a toy retailer toys r us to restructure its debts after declaring bankruptcy.

More recently, Kirkland & Ellis has been hired by several cryptocurrency-related companies amid the bear market and several bankruptcies, according to blockages. The law firm was hired by Celsius and digital travelwho both filed for Chapter 11 bankruptcy.

Babel Finance hired the law firm to help restructure its debt.

Blockworks said the lawyers told the news outlet that Kirkland’s hiring by the three companies made sense given his strong reputation and ability to quickly complete restructurings. In the case of crypto companies, a longer process might be preferred with the potential for a market rebound and the ability for Kirkland & Ellis to lengthen the process like it did with Toys R Us.

Bed Bath & Beyond released a statement after Cohen’s sale, saying it was pleased to have reached a previous agreement with him and reiterating the company’s continued focus on maximizing value for all shareholders. The company said an update will be available soon.

“We continue to execute on our priorities to improve liquidity, make strategic changes and improve operations to win back customers and drive cost savings,” the retailer said.

The company said it would provide an update at the end of the month as it works with “financial advisers and outside lenders” to improve its balance sheet.

BBBY Price Action: Shares of Bed Bath & Beyond fell 13.78% to $9.51 on Monday. Shares have fallen more than 60% in the past five days and are down 37% year-to-date in 2022.

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