BBBY - Bed Bath & Beyond jumps 23% even as bankruptcy talks are reported to be ongoing again

2023-04-19 09:55:57 ET

There is a new twist in the Bed Bath & Beyond ( NASDAQ: BBBY ) saga on Wednesday with Bloomberg reporting that the retailer is reviving bankruptcy efforts.

Sources indicate the retailer is holding talks with advisers and lenders about a potential Chapter 11 filing in the next several weeks even as it also looks for financing options to survive.

Shares of Bed Bath & Beyond ( BBBY ) rose 23.44% in early trading on Wednesday to pare what was a bigger premarket gain. At last check, shares were swapping hands at $0.42 vs. the 52-week range of $0.23 to $30.00. Volume on BBBY stood out at 133M shares in just 25 minutes of trading.

A mini-rally began last week for BBBY when it raised around $48.5M under its at-the-market offering program with B. Riley Securities. The amount were raised through the sale of 100.1M shares and the net proceeds were used to satisfy conditions pursuant to the amended credit agreement for the testing period ending April 11. The retailer seeks to raise $300M by April 26 to avert bankruptcy.

For further details see: