1/19/2024 0 Comments Bed bath beyond stock redditIn June a judge approved Inc.'s (OSTK) $21.5 million bid to buy Bed Bath & Beyond's assets. The stock closed at a record $80.48 on that day, after adjusting for four 2-for-1 stock splits along the way. With a devoted customer base, the company firmly established itself as a household name, and its stock hit an all-time high of $80.82 on Jan. For many years, Bed Bath & Beyond enjoyed great success by offering name brands at a discount. This, however, is a far cry from the company's Nasdaq heyday, when it traded under the ticker BBBY. Trading under the ticker BBBYQ, the stock closed at just under 7.9 cents on Friday after 8.82 million Bed Bath & Beyond shares changed hands. Related: Why investors gamble on shares of bankrupt companies - Bed Bath & Beyond, for example Activist investor Ryan Cohen, for example, was still mentioned in social-media chatter about Bed Bath & Beyond despite cashing out his entire stake in the company last year. Even with liquidation sales under way at hundreds of stores, the stock continued to attract attention while trading over the counter. In a last-gasp bid to stave off bankruptcy, Bed Bath & Beyond announced equity offerings in its final months this year, raising more than $400 million.īut the beleaguered company filed for Chapter 11 bankruptcy protection in April and was subsequently delisted from the Nasdaq exchange. Related: Bed Bath & Beyond: from home-goods behemoth to bankruptcy Nonetheless, shares of the embattled retailer skyrocketed last year, driven by the Wall Street Bets crowd on Reddit. companies have gone bankrupt in 2023 so far than all of 2022 or 2021īed Bath & Beyond's bankruptcy earlier this year came after a troubled few years marked by strategic missteps, cash burn, challenging underlying business trends and the impact of the COVID-19 pandemic. Bed Bath & Beyond also said that it is undergoing "an orderly wind-down and liquidation process." In a filing Friday, Bed Bath & Beyond (BBBYQ) said that its shares are canceled, and "have no value" as the company's bankruptcy plan takes effect. It's the end of the road for shares of bankrupt home goods retailer and sometime meme-stock darling Bed Bath & Beyond Inc. © 2023 NYP Holdings, Inc.Bed Bath & Beyond filed for Chapter 11 bankruptcy earlier this year In 2021, thousands of retail investors on the WallStreetBets Reddit chat room banded together to buy up stocks of struggling firms including GameStop and AMC. AMC is another “meme stock” that saw its value rise on Wednesday. Hedge funds and other short-sellers were thus forced to buy up more shares of the distressed stock in order to cover their bets - causing a spike in the stock price. Meme stocks are securities whose values were artificially inflated by Reddit internet chat groups for the purpose of squeezing sophisticated traders who “shorted” the stock - or bet that the company would fail. Shares of GameStop, the video game retailer that was at the center of the initial meme stock craze in 2021, rose 8.4% on Thursday.īed Bath & Beyond’s stock price has more than tripled in value this week. Retail investors appear to have driven up the share price of meme stocks once again as troubled chain Bed Bath & Beyond was up 49% while AMC rose 2% at the close of trading on Wall Street on Thursday. Macy’s shares jump nearly 20% on reported $5.8B buyout bid to take retailer private Goldman executive who earned more than $100M since 2020 to ‘retire’ after clashing with CEO David Solomon: report A-Rod’s SPAC plans $800M merger with satellite comms provider Lynk Globalĭow jumps more than 500 points, closes at record high as Fed opens door to rate cuts
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