Bed Bath & Beyond Shares Sink 25% , After Going Bankrupt.
NBC News reports that the retailer filed for Chapter 11 bankruptcy protection on April 23.
The announcement comes after the company had spent the last year cutting jobs, closing stores and seeking financing to stay afloat. .
Reuters reports that shares in Bed Bath & Beyond plunged 25% a day later on April 24.
It was the second-most active stock
on social media platform Stocktwits. .
Holly Etlin, a bankruptcy expert, has been named the company's new CFO to oversee liquidation and potential sales.
Final store sales will begin on April 26.
Coupons will no longer
be accepted on that date.
Gift cards will be accepted through May 8.
"Welcome Rewards" and merchandise credits can be redeemed until May 15.
While your membership is
not eligible for a refund,
you can continue to enjoy your membership benefits
before our store closing sales begin on April 26, 2023, Bed Bath & Beyond, via statement