Shares of Bed Bath & Beyond Inc. have been eradicated, marking the newest chapter within the demise of the onetime home-goods behemoth and meme-stock darling.
In a submitting Friday, Bed Bath & Beyond
BBBYQ,
mentioned that its shares are canceled, and “have no value” as the corporate’s chapter plan takes impact. Bed Bath & Beyond additionally mentioned that it’s present process “an orderly wind-down and liquidation process.”
Users on social media reacted to the announcement, emphasizing that it marked the tip of the street for a inventory that has attracted meme-like chatter even in its remaining throes.
“And goodbye to your $BBBYQ shares,” tweeted @Expired1337. “R.I.P $BBBYQ.”
“I am sorry that $BBBYQ holders lost everything with zero hope of getting anything back,” tweeted @MichaelNaussCMT. “BUT this is a great time to look at how you invest and the people you listen to.”
“Real investors have a theory and a plan they know when they are wrong and move on quickly,” @MichaelNaussCMT added, urging individuals to beware “social media eco [sic] chambers.”
“So, ICYMI, $BBBYQ share have just been ‘extinguished’. They’re cancelled, worthless, and untradeable,” tweeted @MyTsla. “To all the bagholders who have been giving me and others grief for last 6 months for saying this was going to happen and inevitable. . . ‘You’re welcome’.”
Related: It’s the tip of the street for shares of Bed Bath & Beyond
Bed Bath & Beyond’s chapter earlier this yr got here after a troubled few years marked by strategic missteps, money burn, difficult underlying enterprise tendencies and the influence of the COVID-19 pandemic.
Nonetheless, shares of the embattled retailer skyrocketed final yr, pushed by the Wall Street Bets crowd on Reddit.
In a last-gasp bid to stave off chapter, Bed Bath & Beyond introduced fairness choices in its remaining months this yr, elevating greater than $400 million.
Related: Why buyers gamble on shares of bankrupt corporations — Bed Bath & Beyond, for instance
But the beleaguered firm filed for Chapter 11 chapter safety in April and was subsequently delisted from the Nasdaq alternate. Even with liquidation gross sales below approach at lots of of shops, the inventory continued to entice consideration whereas buying and selling over-the-counter. Activist investor Ryan Cohen, for instance, was nonetheless talked about in social-media chatter about Bed Bath & Beyond regardless of cashing out his complete stake within the firm final yr.
In June, a choose accredited Overstock.com Inc.’s
OSTK,
$21.5 million bid to purchase Bed Bath & Beyond’s belongings. Overstock.com accomplished its rebrand of Bed Bath & Beyond in early September.
Source web site: www.marketwatch.com
