Corporate Deathwatch: Is Beyond Meat next?

[Gaius]

@moonshine

if you want to see a real corporate deathwatch and wall street insanity look at bed bath and beyond.
stock wa strading around $3 or so.
They announced that they may need to file bankruptcy. stock cratered to about 1.50. then the meme traders got a hold of it and started buying it and droe it up to over $5 a share.
since then the stock has drifted lower but is still higher than it was when they said BK is an option.

closed today around 3.50 after getting a delisting warning from the NASDAQ and reports they are meeting with BK lawyers

Correct.

And I started a thread on that two weeks ago.

WHOOT! It rose 80% today! . . . . . Corporate Deathwatch: Bed Bath and Beyond warns of probable bankruptcy

It’s been a “meme stock” for a few years now. Bed Bath and Beyond has been running annual losses since at least 2018 (when its total sales were almost twice today’s level.) Here’s a yahoo chart: [image] The company currently operates about 950 locations and employs 32,000 workers. Filing for bankruptcy wouldn’t necessarily mean closing all stores, but since the problem is not a new one and the economy is getting worse not better, it’s hard to imagine they just now suddenly discovered a way…

Normally it would be worthy of more attention, but
in an era where some companies have done insanely stupid things

• tried to grow WAAAY to fast, or way too large
• had incompetent leaders,
• tried to create the Metaverse
• etc.

Bed Bath and Beyond is kind of innocent and boring.
They should have downsized years ago. The writing has been on the wall long enough, and the failure to do so was kind of crazy-stupid, but in these crazy times BBBY looks rather sane. (They’re just ordinary crazy.)