Bed Bath & Beyond tumbles after co receives delisting notice from Nasdaq

Bed Bath & Beyond

26/04/2023 11:27

** Shares of home goods retailer Bed Bath & Beyond  BBBY.O 
down ~23% at 15 cents before the bell 
    ** BBBY top-most traded pre-market U.S. stock, with about
5.25 million shares changing hands
    ** Company receives delisting notice from Nasdaq after
filing for Chapter 11 bankruptcy protection on Sunday 
    ** BBBY says Nasdaq informed trading in the company's common
stock would be suspended at the opening of business on May 3
    ** Company also announces cancellation of its previously
announced special meeting of shareholders scheduled for May 9
    ** Stock has fallen ~32% since BBBY's bankruptcy filing and
launch of liquidation sale
    ** Company on Sunday said it also intends to use the Chapter
11 proceedings to conduct a limited and marketing process for
some or all of its assets
    ** "While there is a chance a buyer emerges, we see the
likelihood as low for the Bed Bath & Beyond business, with a
good chance for the more differentiated buybuy BABY chain" - TAG
analysts 
    ** Up to Tuesday's close, stock had fallen ~92% YTD

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))