NBC: Bed Bath & Beyond wants shareholders to approve a reverse stock split at an upcoming special meeting, as the retailer keeps working to avoid filing for bankruptcy, according to a securities filing late Wednesday.
The retailer’s board is calling on shareholders to approve the reverse stock split at the May 9 meeting so it can have enough shares available to raise up to $300 million in equity from a stock offering announced last week.
Bed Bath’s fundraising efforts have been hampered by its dwindling stock price, which has been on a precipitous decline and has been trading under $1 for the last few weeks. Shares of Bed Bath were trading around 30 cents Thursday morning, giving the company a market value of about $132 million.
The company is concerned that if the plan isn’t completed, it likely won’t have enough equity to pay its debts and keep its doors open, the company said in the filing.
“The Company may be unable to avoid bankruptcy if the Reverse Split Proposal fails to obtain shareholder approval. We need to raise equity capital to have the necessary cash resources to fund operations and service obligations under our Credit Agreement,” the filing says. more here
Stick a fork (purchased from BB&B preferably) in them, they are done.
Don’t they mean a stock tilps?
But you helped legitimize a pedophile, so it was worth it.
Right?
Gee, that’s a shame.
Resting my head on My Pillow, smiling as I read this.
BBB pandered to parasites who make up less than 1% of the population. In doing so they pissed off 50% of their customers. If every single parasite came to BBB’s rescue, they’d still go bankrupt. How many times does corporate America have to witness this disaster before realizing it’s not a sound business decision?
One of the major reasons for BB&B’s downslide is their China-made garbage peddled to American consumers. Much of their junk, such as seen at online shops such as Etsy, eBay, Amazon, Walmart, Target, Macys, JCPenney and others, can be bought wholesale from online ChiCom wholesalers such as alibaba, alieexpress, and numerous other Red China dumpsters.
bad breath & beyonce, suck dick
Jack Daniels now on the same path. Go to hell, Jack.
I wonder if they threw in a free My Pillow with every purchase….
BBB actually believed and acted upon CHOOSING who their PAYING CUSTOMERS should be (and desired) out of their total Customer Base.
One of the biggest mistakes and death knells for major (and some smaller) companies.
For wife and I it was the total degradation of the merch. We have a newer outlet very near us, and that store WAS popular. Decent selection of high quality stuff we actually bought. Then wham, everything turned to junk and the prices doubled. Store volume plunged. That is the true story; and no amount of borrowed $$$ will fix that.
Maybe they could pull themselves back from the brink by selling Lindell’s stuff again.
Hahahahahahahahahaaaaa!