Bed Bath & Beyond (OTCMKTS:BBBYQ) stock is trending on social media, even though the retailer has gone bankrupt. Currently, its shares are trading on an over-the-counter exchange. However, the shares are likely to be deleted by the end of this week.
So, why is BBBYQ on anyone’s radar? Likely it’s because a major former investor and Bed Bath & Beyond’s one-time executive chair, Ryan Cohen, was named CEO of GameStop (NYSE:GME) today.
BBBYQ stock is slated to be “canceled, released, and extinguished” by Sept. 30, this Saturday. Therefore, tomorrow is likely to be the last day that the shares are available for trading, and they will have no value after that date.
Meanwhile, the company itself will cease to exist, with its assets coming under the control of a number of its creditors. However, Overstock (NASDAQ:OSTK) has obtained the right to use the brand name and is currently doing so.
BBBYQ Stock: Shareholders’ Last Hope
Although BBBYQ stock looks like it will fade into history, some investors still think there’s a chance that Cohen will rescue the shares. Specifically, they believe that Cohen could make another investment in the name.
But with the company having already gone bankrupt and previously selling its brand name to Overstock.com, that possibility appears to be extremely remote at this point.
Nevertheless, BBBYQ stock has soared in previous days based on that hope. But the shares have tumbled 41% in the last 30 days.
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On the date of publication, Larry Ramer held a SHORT position in GME. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
