Shares of bankrupt Bed Bath & Beyond jump more than 11%
Shares of bankrupt Bed Bath & Beyond Inc. (BBBYQ) rose 11.2% Monday, with the stock climbing in the face of the company's well-publicized problems. Bed Bath & Beyond continues to attract attention in the manner of a so-called meme stock, even after filing for Chapter 11 bankruptcy protection in April and subsequent delisting from the Nasdaq exchange. The stock has been trading over the counter since May 4 and liquidation sales are under way at hundreds of stores. Earlier this month Bed Bath & Beyond canceled a going-concern auction for its Buybuy Baby stores amid a deal for Buybuy Baby's intellectual property. Bed Bath & Beyond selected Dream on Me Industries Inc. as the winning bidder for Buybuy Baby's intellectual-property assets, with a bid of approximately $15.5 million.
-James Rogers
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07-17-23 1237ET
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