Shares of Bed Bath & Beyond Inc., the bankrupt retailer, saw a 3.8% increase in premarket trading on Wednesday, extending the recent rally in the stock.
Bed Bath & Beyond’s stock (BBBYQ) ended Monday’s session with a 9.6% gain, breaking a two-day losing streak. Last week, a judge approved Overstock.com Inc.’s bid of $21.5 million to acquire Bed Bath & Beyond’s assets. U.S. stock markets were closed on Tuesday for the Independence Day holiday.
The troubled retailer’s shares also received a boost last week following news of its debt reduction efforts.
Meanwhile, Overstock.com’s stock saw a decline of 0.9% in premarket trading after closing Monday’s session with a 1.6% decrease.
Bed Bath & Beyond was delisted from the Nasdaq Composite and has been trading over the counter since May 4.
While the stock closed at just over 32 cents on Monday, it is a significant decline from Bed Bath & Beyond’s previous performance on Nasdaq. Trading under the ticker BBBY, the stock reached a record high of $80.48 on January 3, 2014, after adjusting for four 2-for-1 stock splits.
Bed Bath & Beyond’s bankruptcy earlier this year followed a challenging period marked by strategic missteps, financial difficulties, adverse business trends, and the impact of the COVID-19 pandemic.
