Bed Bath & Beyond vows it can pull off a sale – here's what that means for shareholders
Publishing timestamp: 2023-04-24 16:46:21
Summary
Bed Bath & Beyond has declared bankruptcy and is hoping to find a buyer to keep some of its operations running. Shareholders are expected to be wiped out as the stock plummets. The company is confident it can offload its names and stores, but its stock has fallen about 90% this year. The company is hoping a buyer will be willing to purchase either Bed Bath & Beyond or Buy Buy Baby as standalone businesses, buy the brands' intellectual property, and perhaps take on a few of their better-performing stores. The company is open to taking bids for all of its assets and will accept the strongest package it receives, even if it means the retailer will cease to exist altogether. The company is already in the process of starting liquidation sales at its stores but said it will "pivot away" from store closings if it secures a successful sale.
Sentiment: NEGATIVE
Tickers: BBBY,
Keywords: corporate bankruptcy, business, business news, bed bath & beyond inc, bankruptcy figures, breaking news: business, retail industry,
Source: https://www.cnbc.com/2023/04/24/bed-bath-beyond-says-it-can-pull-off-a-sale.html