BBBY - Why Bed Bath & Beyond Stock Crashed and Burned Today
2023-04-20 16:37:00 ET
Thursday was generally a lousy day for stocks but proved to be an outright disaster for the unfortunate holders of Bed Bath & Beyond (NASDAQ: BBBY) shares. Following Wednesday's media reports of an impending bankruptcy filing, even worse speculation came down the pike the following trading session. As a result, the troubled-retailer's stock price crumbled by more than 35%.
An odd, brief bull run on Bed Bath & Beyond came to a crashing halt on Thursday. Previously, contrarian investors had traded the stock up after a Bloomberg report the previous day about the bankruptcy filing .
After market hours that day, The Wall Street Journal published its own update on the matter, adding that the retailer is preparing such a filing for submittal as early as this weekend. The financial newspaper cited unidentified "people familiar with the matter" as saying that its withered share price makes it prohibitively difficult to raise sufficient funding to avoid a default situation.
For further details see:
Why Bed Bath & Beyond Stock Crashed and Burned Today