BBBYQ Stock Alert: Get Ready for Liquidation After Sept. 12

InvestorPlace2023-08-20

Bed Bath & Beyond (BBBYQ) will hold a plan confirmation hearing related to its bankruptcy on Sept. 12.Shareholders should expect their interest in the company to be extinguished as part of Bed Bath’s ...

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Comments

dr_balls
2023-09-01
dr_balls
I like the stock
Cyan Rohen
2023-08-27
Cyan Rohen
"Liquidation" teeheehee
Slimzzz
2023-08-27
Slimzzz
Hold and you will make it
Bs777
2023-08-20
Bs777
Thanks for your concern but not interested in selling

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On July 20, the retailer released its Chapter 11 bankruptcy plan, disclosing that shareholders would not receive anything following its bankruptcy:“In full and final satisfaction of each Allowed Interest in BBB, each Allowed Interest in BBB shall be canceled, released, and extinguished, and will be of no further force or effect, and no Holder of Interests in BBB shall be entitled to any recovery or distribution under the Plan on account of such Interests.”In June, it was announced that Overstock (NASDAQ: OSTK) had acquired some of Bed Bath’s intellectual property (IP) assets — including its website and domain name — for $21.5 million. Overstock also has plans to change its stock ticker from OSTK to BBBY, according to The Street.BBBYQ Stock: Mark Your Calendars for Sept. 12The Bed Bath brand will live on, but under the management of Overstock. The official Bed Bath website is currently operational under the power of Overstock, experiencing an interface makeover and an updated loyalty program in the U.S. On the flip side, all Bed Bath locations have officially shut down. The company’s bankruptcy files estimate that about $636 million of inventory will flow to its Debtor-in-Possession (DIP) budget.Shareholders were also disappointed with Bed Bath’s sale of Buy Buy Baby, which was thought to be the company’s strongest asset. Dream on Me Industries, a supplier to Bed Bath, acquired Buy Buy Baby’s IP for $15.5 million and later 11 of the brand’s leasing rights for $1.17 million. CNBC reports that these stores are “well-positioned to reopen” and located in popular real estate locations. Buy Buy Baby’s stores could reopen by as soon as this fall, backed by ambitious goals from Dream on Me’s management. The company’s Chief Marketing Officer, Avish Dahiya, previously disclosed plans to set up between 100 and 120 stores over the next one to three years.For now, its apparent that BBBYQ stock only trades on speculation as the closing of the company draws closer. 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