The struggling retail chain Bed Bath & Beyond saw its stock tumble to a record low this week.
Unless the company can secure a staggering $300 million on a stock offering, they are likely to declare bankruptcy, something that they have been warning about for months.
Conservatives point to the discontinuing of ‘My Pillow’ products as the beginning of their downfall. It’s a classic ‘Get woke, go broke’ story.
The FOX Business Network reports:
Bed Bath & Beyond warns again of filing for bankruptcy, to sell $300M in stock
Shares of Bed Bath & Beyond fell to a record low Thursday after the company warned that it will “likely” file for bankruptcy if it’s unable to secure funding from a $300 million stock offering.
“If we do not receive the proceeds from the offering of securities covered by this prospectus supplement, we expect that we will likely file for bankruptcy protection,” the company said in a filing with the Securities and Exchange Commission.
The stock, now trading below $1, has lost more than 70% of its value during the past 12 months.
This isn’t the first time the retailer has warned that it might have to file for bankruptcy protection.
The beleaguered retailer first issued a warning in January as it struggled to attract shoppers and compete with behemoths such as Walmart, Amazon and Target.
At the time, it announced that it was looking into options, including selling assets or restructuring its business in bankruptcy court. However, it acknowledged that even those efforts may not be successful. Meanwhile, the company continued to shutter dozens of stores to try and turn around its business.
In addition to 150 store closures announced in 2022, the company said it will close 87 additional Bed Bath & Beyond stores and five BuyBuy Baby stores. The company is also shutting down its health and beauty discount chain Harmon.
They made a huge mistake.
*BED BATH & BEYOND CLOSES DOWN 26% AT RECORD LOW OF 59 CENTS
— zerohedge (@zerohedge) March 30, 2023
Bed Bath & Beyond again warns of bankruptcy if new stock offering doesn’t pay off https://t.co/HynRGzlzKt
— CNBC (@CNBC) March 30, 2023
Shares of Bed Bath & Beyond dropped by more than 15% Thursday morning following an announcement it plans to offer and sell up to $300 million in common stocks in its latest bid to stave off bankruptcy. https://t.co/m0QlE6amb3
— Forbes (@Forbes) March 30, 2023
They’re probably not going to make it. They’re just rearranging chairs on the deck of the Titanic now.
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