What's Going On With Bed Bath And Beyond's Stock Today?

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Bed Bath & Beyond Inc’s BBBY stock plummeted Thursday afternoon following a company filing stating that it does not have enough cash to meet its credit obligations. To address this, the company will 'consider all strategic alternatives, including restructuring its debt under the U.S. bankruptcy code.' 

The stock dropped nearly 20% around 2:40 pm ET when the filing was released. The stock was halted for volatility and will resume trading at 3:06pm ET. 

A couple of weeks ago, Bed Bath & Beyond’s stock skyrocketed news the company was facing potential bankruptcy and that it was attempting to cut costs. Now, it looks like bad news is bad news again, with the stock down over 20% on the filing. 

Read Also: Bed Bath & Beyond Stock Gained On M&A Speculation And Meme Stock Frenzy: Report

Bed Bath & Beyond’s stock has been a favorite among retail investors throughout the past few years. In August, the stock spiked up to nearly $25 a share in a short squeeze helped by a Ryan Cohen investment. Cohen then quickly sold his shares for a quick profit, leaving many retail investors holding the bag. 

Bed Bath & Beyond will explore reducing its debt obligations, including leases and rents as well as laying off employees. It’s unclear if Bed Bath & Beyond will be able to avoid bankruptcy, but it’s not looking great for the former retail giant. 

Photo via Shutterstock.

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