Bed Bath & Beyond proposes reverse stock split as it struggles to avoid bankruptcy
Publishing timestamp: 2023-04-06 09:56:09
Summary
Bed Bath & Beyond is asking shareholders to approve a reverse stock split in order to raise up to $300 million in equity from a stock offering announced last week. The struggling home goods retailer needs the equity to avoid bankruptcy. If the reverse split is approved, Bed Bath will be able to issue more shares to cover the offering. The company is warning that it will likely file for bankruptcy if the measure isn't approved.
Sentiment: NEGATIVE
Tickers: BBBY,
Keywords: bed bath & beyond inc, stock markets, breaking news: business, business news, retail industry, corporate bankruptcy, business,
Source: https://www.cnbc.com/2023/04/06/bed-bath-beyond-faces-bankruptcy-seeks-reverse-stock-split.html