Beyond Saving 🛁

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Beyond Saving

After weeks of euphoria surrounding Bed Bath and Beyond, it’s safe to say that things are starting to crumble. Just this weekend, we received news of the untimely death of CFO Gustavo Arnal, and it is just one of the company’s major problems heading into the end of the year.

Bed Bath and Beyond experienced a fiery meme rally in August that sent shares up more than 500 percent in just a couple of weeks and the catalyst behind this was GameStop chairman Ryan Cohen’s new 10 percent stake in the company. It was believed that he would take over the company, which was encouraging to many investors as he’s helped keep GameStop afloat in the past few months. Just a few days later, it turns out Cohen sold his shares at the peak of the rally, sending the stock down to where it was previously. This has sparked a lawsuit from investors alleging that Cohen participated in a pump-and-dump scheme, with people involved calling for $1.2 billion in damages. Other Bed Bath and Beyond executives were listed in this, and involvement from those parties has been denied by the company.

The death of Arnal has also highlighted the leadership gap at the company as they announced that Laura Crossen will be the interim CFO. Bed Bath and Beyond is also running on an interim CEO at the moment due to the ousting of Mark Tritton, and they are still on the hunt for someone new. Company financials are deteriorating and Goldman Sachs predicts that shares will fall to $2. All news surrounding the company is negative and bankruptcy could be a possibility.

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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