In a significant development, Bed Bath & Beyond Inc. has officially been eliminated from the stock market. This marks yet another chapter in the downfall of the once prominent home-goods giant and beloved meme-stock.
According to a recent filing on Friday, Bed Bath & Beyond (BBBYQ, -28.27%) confirmed that its shares have been canceled and now hold “no value” as the company’s bankruptcy plan comes into effect. The company further revealed that it is currently in the process of an “orderly wind-down and liquidation.”
The news of Bed Bath & Beyond’s demise resonated across various social media platforms, with many users acknowledging that this spelled the end for a stock that had garnered meme-like attention even in its final days.
Related: It’s the end of the road for shares of Bed Bath & Beyond
Bed Bath & Beyond’s Troubled Journey
Bed Bath & Beyond’s bankruptcy earlier this year came after a troubled few years marked by strategic missteps, cash burn, challenging underlying business trends, and the impact of the COVID-19 pandemic.
Despite its struggles, Bed Bath & Beyond experienced a surprising surge in its stock price last year, thanks to the fervor of the Wall Street Bets community on Reddit.
Desperate Measures to Avoid Bankruptcy
In a desperate attempt to avoid bankruptcy, Bed Bath & Beyond made some final moves this year. The company announced equity offerings, raising an impressive $400 million.
Related: Why investors gamble on shares of bankrupt companies — Bed Bath & Beyond, for example
The Bankruptcy Declaration
Unfortunately, all efforts were in vain as Bed Bath & Beyond finally filed for Chapter 11 bankruptcy protection in April. Consequently, the company was delisted from the Nasdaq exchange. Although liquidation sales commenced at numerous stores, the stock continued to gain attention even as it traded over the counter.
Despite completely selling off his stake in the company the previous year, activist investor Ryan Cohen’s name still surfaced in social media discussions regarding Bed Bath & Beyond.
A New Owner Emerges
Finally, in June, a judge approved Overstock.com Inc.’s $21.5 million bid to purchase Bed Bath & Beyond’s assets. Overstock.com wasted no time and successfully rebranded Bed Bath & Beyond in early September.