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Dear BBBY Stock Fans, Mark Your Calendars for Aug. 31

  • On Aug. 31, Bed Bath and Beyond (BBBY) will disclose its strategies and actions it’s taking to turn things around.
  • BBBY is also reportedly close to obtaining a large loan.
  • The retailer has suffered many setbacks in recent weeks.
BBBY stock - Dear BBBY Stock Fans, Mark Your Calendars for Aug. 31

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Bed Bath & Beyond (NASDAQ:BBBY) stock has rallied more than 15% since The Wall Street Journal reported on Aug. 24 that the troubled retailer is close to obtaining “a loan of close to $400 million.” Today, Bed Bath & Beyond announced that it would publicly disclose its strategies and the moves it’s making during a conference call on Aug. 31.

“We recognize the strong interest in our company and our plans to better serve customers, recapture market share, drive growth and profitability, ensure our vendors are supported, and strengthen our balance sheet,” interim CEO Sue Gove said in a statement.

Bed Bath & Beyond Appears to Be Reeling

In recent days and weeks, there have been multiple negative developments surrounding the retailer.

According to The Wall Street Journal, suppliers reportedly have “mounting doubts” about the firm’s ability to meet its financial obligations, causing vendors to offer less credit to BBBY. And “At least one firm that finances suppliers has stopped providing credit on shipments” to the retailer.

Meanwhile, as I reported on Aug. 19, Ryan Cohen’s company, RC Ventures, “disclosed that it had sold all of its bullish positions in BBBY stock.” The chairman of GameStop (NYSE:GME) and founder of pet e-commerce company Chewy (NYSE:CHWY), Cohen purchased a large amount of BBBY stock and call options, making Bed Bath & Beyond one of the most widely discussed, profitable meme stocks this year.

Additionally, the company’s net sales tumbled 25% year-over-year in the first quarter. It lost $358 million in Q1, it ousted its CEO, and its market share has declined.

Not helping BBBY has been the softening economy, the rapidly falling housing market, and consumers’ increased emphasis on spending money on experiences over products.

On the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Larry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel’s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been PLUG, XOM and solar stocks. You can reach him on Stocktwits at @larryramer.

Article printed from InvestorPlace Media, https://investorplace.com/2022/08/dear-bbby-stock-fans-mark-your-calendars-for-aug-31/.

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