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Shares of bankrupt Bed Bath & Beyond Inc. jumped 39.1% on Monday, boosted by news that the troubled retailer has slashed its debt.
In an 8-K filing Friday, Bed Bath & Beyond
BBBYQ,
said it has $1.7 billion of debt, significantly less than the $5.2 billion owed to creditors earlier this year. Bed Bath & Beyond filed for bankruptcy in late April.
Related: Bed Bath & Beyond: from home-goods behemoth to bankruptcy
Monday’s jump in Bed Bath & Beyond’s stock was the largest one-day percentage gain since May 8, when the shares rose 51.9%. Delisted from the Nasdaq, the home-goods retailer and sometime meme-stock darling began trading over the counter on May 3.
Bed Bath & Beyond’s stock closed at almost 32 cents Monday. This, of course, is a far cry from Bed Bath & Beyond’s Nasdaq heyday. Trading under the ticker BBBY, the stock closed at a record $80.48 on Jan. 3, 2014, after adjusting for four 2-for-1 stock splits along the way.
Related: Overstock’s shares soar on successful $21.5 million bid for Bed Bath & Beyond assets
Last week, Overstock.com Inc.
OSTK,
made a successful bid for Bed Bath & Beyond’s assets.
The bid has a base purchase price of $21.5 million, according to a document filed in U.S. Bankruptcy Court for the District of New Jersey on Thursday. The Asset Purchase Agreement includes all Bed Bath & Beyond’s business IP, its business internet properties and its mobile platform.
Related: Overstock’s shares soar on successful $21.5 million bid for Bed Bath & Beyond assets
Bed Bath & Beyond’s bankruptcy came after a troubled couple of years marked by strategic missteps, cash burn, challenging underlying business trends and the impact of the COVID-19 pandemic.
