Bed Bath & Beyond ( NASDAQ: BBBY ) swung lower in early trading on Monday with new reporting out indicating the retailer is prepping to seek bankruptcy protection as soon as this week.
Sources told Reuters that BBBY has lined up liquidators to close additional stores unless a last-minute buyer emerges.
The timing of any bankruptcy filing was in flux Monday evening, with the U.S. home goods retailer's advisers locked in meetings exploring any remaining options to avoid it, another person familiar with the matter said.
Bed Bath & Beyond ( BBY ) is in talks on a loan to help it navigate through bankruptcy proceedings. Investment firm Sixth Street is said to be one of the potential funding sources. The retailer has already said it is closing 87 Bed Bath & Beyond stores and five buybuy BABY stores, in addition to 150 closures announced last year. Read about which retail chains could snap up incremental sales due to BBBY stores closing.
Shares of Bed Bath & Beyond ( BBBY ) fell 4.88% to $2.72 during a high-volume premarket session on Tuesday. The huge short interest position still outstanding on BBBY is anticipate to lead to more volatile swings. The 52-week range for the one-time meme favorite is $1.27 to $30.06.
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Bed Bath & Beyond appears to be even closer to bankruptcy