Shares of Bed Bath & Beyond sank toward a record low Thursday, after $BBBY warned of a big sales miss and launched a relatively large “at-the-market” offering of common stock.
Shares of Bed Bath & Beyond Inc. BBBY, -22.95% sank toward a record low Thursday, after the troubled home-goods retailer warned of a big sales miss and launched a relatively large “at-the-market” offering of common stock.
Read more: Bed Bath & Beyond stock falls below $1 after retailer calls for shareholder approval of reverse stock split. The company also expects same-store sales, or sales from stores and digital channels that have been operating for at least 12 months, to fall 40% to 50% from a year ago, while the FactSet consensus was for a decline of 28.3%.Bed Bath also said Thursday that it launched an “at-the-market” offering, which involves selling shares into the open market, of up to $300 million worth of common shares, through B. Riley.The company said it has also entered into a stock purchase agreement with B.
And don’t miss: Bed Bath & Beyond’s lifeline comes at ‘incredible cost’ to shareholders, analyst warns.
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