Bed Bath & Beyond Inc.
BBBY,
said Thursday it has been working “expeditiously” for the past few weeks with external financial advisers and lenders on bolstering its balance sheet and will provide more details in an update at the end of August. In a filing with the Securities and Exchange Commission in response to media inquiries, the troubled retailer and meme stock said it was pleased to have reached a “constructive agreement” with Ryan Cohen’s RC Ventures in March. The comment came after Cohen, chairman of fellow meme stock GameStop Corp.
GME,
announced plans late Wednesday to sell his Bed Bath & Beyond stake just months after buying it. Cohen, who founded Chewy Inc.
CHWY,
is a favorite of the Reddit group that has been driving the meme stock phenomenon, that has led Bed Bath & Beyond to gain 365% in the last month, despite its well documented struggles with inventory and dwindling sales. “We are continuing to execute on our priorities to enhance liquidity, make strategic changes and improve operations to win back customers, and drive cost efficiencies; all to restore our company to its heritage as the best destination for the home, for all stakeholders,” the retailer said in its filing. Bed Bath & Beyond shares were down 7.5% premarket, but are up 58% in the year to date, while the S&P 500
SPX,
has fallen 10%.
