Shares of Bed Bath & Beyond hit a 30-year low on Monday following the retailer’s decision to propose a reverse stock-split to shareholders at a special meeting.
The time and location of the meeting will be announced later, the company said.
"The retail staple is desperately trying to boost its share price above the key $1 threshold needed to keep the deal with Hudson Bay Capital alive, but the current macro backdrop of a looming recession is making any deal for Bed Bath & Beyond less attractive."Bed Bath & Beyond store closing in Marlton, N.J., Mar. 19, 2023.
Sue Gove, president and CEO of Bed Bath & Beyond said, "Our proposal for a reverse stock split will enable us to continue rebuilding liquidity to execute our turnaround plans and better position the company financially."
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