BBBY Stock Drops 30% in One Week; 400 Stores Shut in 2 Years 

• More than 400 Bed Bath & Beyond stores were closed in last 2 years
• The brand caters to  60% of femaleand 30% of male consumers. 

Bed Bath & Beyond( NASDAQ: BBBY) is an American retail store founded in 1971 by Warren Eisenberg and Leonard Feinstein. The company operates in Canada, Mexico, the United States, and Puerto Rico.

BBBY stock slipped over 9% and was trading at $2.35 on the last trading session of February 10, 2023. Earlier on February 9, 2023, the trading prices closed around $2.60.Bed Bath & Beyond has a total market capitalization of 274.57M USD. 

In the last 7 days, BBBY stock prices lost 29.22% in their trading prices, and in the last 1 year, prices descended over 85%, and the stock does not reflect any positive signal for recovery. 

Sellers have outnumbered buyers for the past few months, with the selling of BBBY shares at its peak. The news of the bankruptcy filing of the Canadian business arm of Bed Bath & Beyond has affected the trading prices severely.  

According to the filing, “Canadian business does not have the capacity or ability to independently effect a recapitalization or restructuring of the Canadian operations without access to cash and the support.” 

The company announced that it would try hard to raise as much as $1.025B through an equity offering, and if this plan fails, it will opt for a bankruptcy filing. Bed Bath & Beyond has 54 official stores and operates 11 buy buy BABY stores in Canada.  

In the first quarter of 2022, Bed Bath & Beyond’s total revenue was $1.46B; its net income was -357.67 USD. The revenue in the second quarter decreased and was recorded at $1.44B from a net income of -366.16M USD.    

The third quarter revenue was $1.26B. The net income was the lowest in all preceding quarters of the financial year, standing at -392.97M USD. Moderna employs 32,000+ in various projects.

VANGUARD GROUP INC, BlackRock Inc, Morgan Stanley, RC Ventures, Contrarius Investment, and 241 others are among the major shareholders of Bed Bath & Beyond. 

Mostly all stock markets are battling volatility, and more than 60% of registered companies suffer huge losses. The time may change soon, and the percentage of buyers may increase, which will help boost companies’ stock prices. Other than BBBY, several sectors like Automobiles, Pharma, and Tech stocks are battling severe volatility.      

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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