It really took off this week as traders circled a recent filing from Cohen showing that he was still holding out-of-the-money call options. Retail favorites GameStop and AMC Entertainment Holdings (NYSE:AMC) soared alongside the home furnishings company as retail traders highlighted the large short interest in the names across social media platforms.ĭespite a flurry of downgrades, with one analyst calling the move the 'latest meme stock frenzy,' the stock continued to trend higher. After finding its footing, the stock began surging again near the beginning of August on no apparent news. The excitement around the struggling retailer among retail traders really picked up when GameStop chairman Ryan Cohen purchased a stake in Bed Bath & Beyond in March.īy the end of March, the stock began to slide, trading from nearly $30 per share to as low as $4.38 by July. We can trace the increased interest in the name all the way back to the original meme stock, GameStop Corp (NYSE:GME). What Happened: It all started with retail. Here's a look back at how it got here, as well as some recent reactions to the move. Bed Bath & Beyond shares its building at 2045 Dixwell Ave. with CVS.Bed Bath & Beyond Inc (NASDAQ:BBBY) stock is falling back to Earth Thursday after staging an impressive rally in recent weeks. The chain's Dixwell Avenue store in Hamden is just off the Wilbur Cross Parkway, on a retail strip that includes Walmart, T.J. Connecticut foot traffic down about 40 percent, compared to less than 10 percent for Target and Walmart as calculated by Placer.ai. The market analysis firm Placer.ai reported overall Black Friday foot traffic at Bed Bath & Beyond stores nationally at nearly half of their levels of 2019, including the impact of store closures. Despite a real estate boom that fueled growth for many home retailers during the COVID-19 pandemic, Bed Bath & Beyond grappled with inventory shortages that prompted some shoppers to look elsewhere. The company was founded in New Jersey in 1971, and hit its peak in 2019 with 26 stores in Connecticut among 1,530 nationally. Bed Bath & Beyond has its headquarters office in Union, N.J. New Jersey and New York are losing four more Bed Bath & Beyond stores each, including the chain's location in the Staten Island borough of New York City. 'We've achieved these results by purposefully utilizing our closing stores as targeted vehicles for clearance.'

'We have taken aggressive action to change the elements of our business that are not aligned to what our customers want,' Gove said Tuesday morning as part of prepared remarks during a conference call with investment analysts. On Tuesday, the company indicated it continues to consider 'strategic alternatives' that could include a bankruptcy restructuring, according to the Associated Press. Under new CEO Sue Gove, Bed Bath & Beyond targeted 150 stores for closure nationally in a bid to cut $500 million in annual costs. That pushed the company's losses to $1.1 billion for the first nine months of its fiscal year dating back to February 2022. On Tuesday, Bed Bath & Beyond reported a $393 million loss for its fiscal third quarter that ended on Black Friday weekend, with sales down by a third from a year earlier to $1.2 billion.

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