Shares of Bed Bath & Beyond Inc. have been eliminated, marking the latest chapter in the demise of the onetime home-goods behemoth and meme-stock darling. In a filing Friday, Bed Bath & Beyond
BBBYQ,
-28.27%
said that its shares are canceled, and “have no value” as the company’s bankruptcy plan takes effect. Bed Bath & Beyond also said that it is undergoing “an orderly wind-down and liquidation process.”
Users on social media reacted to the announcement, emphasizing that it marked the end of the road for a stock that has attracted meme-like chatter even in its final 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 people 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 end of the road for shares of Bed Bath & Beyond Bed Bath & Beyond’s bankruptcy earlier this year came after a troubled few years marked by strategic missteps, cash burn, challenging underlying business trends and the impact of the COVID-19 pandemic. Nonetheless, shares of the embattled retailer skyrocketed last year, driven by the Wall Street Bets crowd on Reddit. In a last-gasp bid to stave off bankruptcy, Bed Bath & Beyond announced equity offerings in its final months this year, raising more than $400 million. Related: Why investors gamble on shares of bankrupt companies — Bed Bath & Beyond, for example But the beleaguered company filed for Chapter 11 bankruptcy protection in April and was subsequently delisted from the Na …
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Related: It’s the end of the road for shares of Bed Bath & Beyond Bed Bath & Beyond’s bankruptcy earlier this year came after a troubled few years marked by strategic missteps, cash burn, challenging underlying business trends and the impact of the COVID-19 pandemic. Nonetheless, shares of the embattled retailer skyrocketed last year, driven by the Wall Street Bets crowd on Reddit. In a last-gasp bid to stave off bankruptcy, Bed Bath & Beyond announced equity offerings in its final months this year, raising more than $400 million. Related: Why investors gamble on shares of bankrupt companies — Bed Bath & Beyond, for example But the beleaguered company filed for Chapter 11 bankruptcy protection in April and was subsequently delisted from the Na …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]