Your Overstock account, order history, and saved items are available just as they were before this exciting change. You’ll still find all the home products, deals, and affordable prices you love from Overstock on the new Bed Bath & Beyond website and app. And now we’re offering an even bigger “beyond” with a wide selection of furniture, decor, rugs, and more to help you create the home of your dreams! What happened to Overstock? Overstock is now Bed Bath & Beyond. It would be inconsistent of all of us to clap like seals at Redditors putting a painful short squeeze on some hedge fund betting against GameStop and then say that the government must step in to save Bed Bath & Believers from themselves.Is Bed Bath & Beyond back? Yes! Bed Bath & Beyond is back with a new website and app where you’ll find all the quality items you know and love. I think that it smells bad, but this is now the shape of our financial markets. Maybe companies should be able to sell stock that they know is likely to wind up worthless in short order, as long as they disclose it in the clear terms Bed Bath did, and maybe any efforts to stop it would be a gross overreach by the nanny state. Trump Attacked a Court Clerk During His Civil Trial. The Supreme Court’s Right Flank Is Laying Groundwork to Dismantle Defendant Rights
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It could then sell it at market prices to (presumably) retail investors and make a quick profit. Why would a sophisticated hedge fund buy the stock of a company that was rather clearly knocking on death’s door? The structure of the deal made it clear: As long as the stock stayed above certain (very low) levels, Hudson Bay would buy millions of dollars of it from Bed Bath at market discounts. The lead investor, which seemed to be buying all or almost all of the stock, was a hedge fund called Hudson Bay Capital. In February, the company said it had raised $225 million in the offering and could wind up with an additional $800 million in the next 10 months if things went well. But this move was atypical too, because the company was clearly on the verge of bankruptcy, something it disclosed in its Securities and Exchange Commission filing to sell new stock. As the year kept going on, sales kept being bad, and Bed Bath’s walking-around money kept shrinking.Īs the situation deteriorated this past winter, Bed Bath did the more typical memestock move and sold some stock. Ryan Cohen, the rich-guy investor whom memestock retail traders tend to follow, said he was getting out of his stake.
But it became clear over the following year that Bed Bath really could’ve used the billion bucks it spent on that buyback for other things, such as investments in its actual business, to make the company more sustainable. The stock quickly went up, as it does in these cases. It was maybe not nuts either, as Bed Bath’s stock had dipped in the weeks before the announcement and wasn’t as expensive as it would’ve been at the absolute height of its trading. And in November 2021, at the end of a fun year of memestocking, Bed Bath announced an acceleration of its buyback program. Since at least the mid-2000s, the chain had made a habit of buying back its own stock, which provides a short-term price boost and (at least in theory) signals confidence.
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