In a filing Friday, Bed Bath & Beyond said that its shares are canceled, and “have no value” as the company’s bankruptcy plan takes effect
Shares of Bed Bath & Beyond Inc. have been eliminated, marking the latest chapter in the demise of the onetime home-goods behemoth and meme-stock darling.
Users on social media reacted to the announcement, emphasizing that it marked the end of the road for a stock that has attracted meme-like chatter even in its final throes. “I am sorry that $BBBYQ holders lost everything with zero hope of getting anything back,” tweeted @MichaelNaussCMT. “BUT this is a great time to look at how you invest and the people you listen to.”
“So, ICYMI, $BBBYQ share have just been ‘extinguished’. They’re cancelled, worthless, and untradeable,” tweeted @MyTsla. “To all the bagholders who have been giving me and others grief for last 6 months for saying this was going to happen and inevitable. . . ‘You’re welcome’.”Bed Bath & Beyond’s bankruptcy earlier this year came after a troubled few years marked by strategic missteps, cash burn, challenging underlying business trends and the impact of the COVID-19 pandemic.
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