Shop Bed Bath & Beyond.com || Shop buybuyBaby.com || Shop Harmon.com
BBBY Investor Relations
Q2 EARNINGS CALL
Company held a premarket Q2 Earnings Call on 9/29/22 and highlighted:
• Liquidity of approximately $850M as of fiscal September, reflecting recently expanded $1.13 billion ABL facility and new $375M FILO loan.
• At-the-Market ("ATM") Offering of 12M shares (completed as of 10/24/22 raising $75M).
• Company indicated working on liability management transactions. Later they announced an exchange offering for their outstanding 2024, 2034, and 2044 bonds to reduce BBBY's debt and interest expenditure. The Exchange Tender deadline is 11/15/22.
As previously announced with the Company's Strategic Update Call/Presentation on 8/31/22, the Company is maintaining the following outlook parameters for fiscal 2022:
• Comparable sales decline in the 20% range driven by improvements in the second half of fiscal 2022 versus the first half of fiscal 2022
• Adjusted SG&A expenses ~ $250M below last year, reflecting cost optimization actions occurring in the second half of fiscal 2022
• Capital Expenditures of ~ $250M vs. the ~ $400M previously planned for fiscal 2022
--> The Company anticipates breakeven operating cash flow by the end of fiscal 2022 <--
RECENT EVENTS
Another share offering of up to $150M was recently authorized. BBBY intends to use the proceeds from this offering to "drive immediate strategic priorities such as rebalancing our assortment and inventory, and addressing our debt."
CEO Sue Gove hosted a vendor summit during which she remarked: "our accounts payable has been cleaner than its ever been," and said "we don’t think there is bankruptcy on our horizon.”
CFO Gustavo Arnal passed away 9/2/22 from apparent suicide. He sold a ~50k portion of his >250k shares on 8/16 & 8/17 (this was pre-planned in April).
BBBY was put on the Reg SHO Threshold List from 8/16 to 8/31/22 during which BBBY caught a lot of social/mainstream media attention.
Ryan Cohen bought shares Jan 2022 through March amounting for 9-11% of outstanding shares. He sold the entire stake on 8/16 and 8/17/22 for unclear reasons. Many suggestions in his letter to the board were met/evaluated.
CEO Mark Tritton resigned; Sue Gove served as interim CEO and later was voted in formally. Before that, new board members were voted in during 7/15/22 Annual Shareholder meeting (3 of 10 seated by RC Ventures).
It’s weird. BBBY is not in my recap of the year, anyone knows why? (I’m sure I’ve spent countless hours here) Are we shadowbanned as a community? Or is there a minimum member requirement?
What's with the recent where are you from, how many shares you got, whats your price prediction questioning? What next? Have you ever been on shrimp boat?
Discuss here as to not spam the entire sub with this ticker. Ty Have fun.
Shop Bed Bath & Beyond.com || Shop buybuyBaby.com || Shop Harmon.com
BBBY Investor Relations
Q2 EARNINGS CALL
Company held a premarket Q2 Earnings Call on 9/29/22 and highlighted:
• Liquidity of approximately $850M as of fiscal September, reflecting recently expanded $1.13 billion ABL facility and new $375M FILO loan.
• At-the-Market ("ATM") Offering of 12M shares (completed as of 10/24/22 raising $75M).
• Company indicated working on liability management transactions. Later they announced an exchange offering for their outstanding 2024, 2034, and 2044 bonds to reduce BBBY's debt and interest expenditure. The Exchange Tender deadline is 11/15/22.
As previously announced with the Company's Strategic Update Call/Presentation on 8/31/22, the Company is maintaining the following outlook parameters for fiscal 2022:
• Comparable sales decline in the 20% range driven by improvements in the second half of fiscal 2022 versus the first half of fiscal 2022
• Adjusted SG&A expenses ~ $250M below last year, reflecting cost optimization actions occurring in the second half of fiscal 2022
• Capital Expenditures of ~ $250M vs. the ~ $400M previously planned for fiscal 2022
--> The Company anticipates breakeven operating cash flow by the end of fiscal 2022 <--
RECENT EVENTS
Another share offering of up to $150M was recently authorized. BBBY intends to use the proceeds from this offering to "drive immediate strategic priorities such as rebalancing our assortment and inventory, and addressing our debt."
CEO Sue Gove hosted a vendor summit during which she remarked: "our accounts payable has been cleaner than its ever been," and said "we don’t think there is bankruptcy on our horizon.”
CFO Gustavo Arnal passed away 9/2/22 from apparent suicide. He sold a ~50k portion of his >250k shares on 8/16 & 8/17 (this was pre-planned in April).
BBBY was put on the Reg SHO Threshold List from 8/16 to 8/31/22 during which BBBY caught a lot of social/mainstream media attention.
Ryan Cohen bought shares Jan 2022 through March amounting for 9-11% of outstanding shares. He sold the entire stake on 8/16 and 8/17/22 for unclear reasons. Many suggestions in his letter to the board were met/evaluated.
CEO Mark Tritton resigned; Sue Gove served as interim CEO and later was voted in formally. Before that, new board members were voted in during 7/15/22 Annual Shareholder meeting (3 of 10 seated by RC Ventures).
My dear friends. Do not tremble in these dark times. Speak not of dilution, and pray for those that do, for they are truly retarded.
For while thy bond holders of 2024 did indeed exchange their debt for shares, they are bound by law and cannot sell for at least 20 trading days at 130% of conversion price, or ~$12 a share.
And as stated in the first chapter of the holy book of maths, while $4 is indeed more than $3, and more even than $2, it is nonetheless, still far less than $12.
Look thee unto the light, and you will see that holy mother Gove and her angels of the board have reduced debt, and not just any debt, but the most urgent of debt, that of 2024, which is soon upon us now, as it nearly 2023.
HEAR ME AND HEAR ME NOW. THE TIMES OF CASHFLOW EVEN ARE SOON UPON US. DO NOT IGNORE THE SIGNS, AND REPEAT THEM TO YOURSELVES IN TIMES OF QUIET.
For it was foretold to you that $69 million was the total aggregate of 2024 bonds. $69 million. $69. 69.
The signs are clear. $69 million is the target price per share my friends. And I look forward to 69ing you all in heaven on divine blue lambos. Not in a gayeth way, but in a loving way.
Cya on Uranus bbbytches
bought 811 calls for strike rate 5 for march 17 2023 expire date, and plan to exercise all of them to buy 80000 shares, during opex covering starting nov 21st/22nd to put some little pressure.
POST POSITIONS AND TARGETS
BBBY Update #1: ATM Share Offering Up to 12M Shares (as per PR) (link to SEC filing)
BBBY Update #2: Bed Bath & Beyond Inc. Announces Strategic Changes to Strengthen its Financial Positioning, Drive Growth and Better Serve Customers
I want to call something out. A lot of the negative comments in here are just dumb and malicious. It never fails on these platforms... people have something bad happen to them and people line up to kick them.
So I go through some of these posts and it's just losers who themselves have either never taken part or who have themselves lost money attacking other people. They never explain the problems with the play, they never try to educate people, and these specific types of posts are never funny, they're just malicious.
I will happily upvote negative comments that are witty, funny, or provide information. u/oystrodoom has been all throughout this thread trying to educate people, and most of their posts include some information calling out where people made mistakes. That's valuable... it's very easy to make mistakes in this game and a lot of the noobs just lost a lot of money. Many of us have been there on plays when we were new.
I made money on BBBY and am trying to educate people on how to play these better. I'll joke about things like "bye bye baby" because I'm just having fun.
But to be a loser who has never won any of these and flood these threads attacking people who actually took a risk?
That's just fuckin' lame. That's sad. Like I actually feel bad for people whose only aspiration is to be a middle school bully. Life must be pretty bad for some of the people who post on these threads.
I doubled down today! Bullish!
Regards fellow Regards.
I wanted to do a quick update on BBBY as there are some interesting developments and further landmines for shorties.
Looking at what happened to BBBY last week, we saw a big gap up from 8.16 to around 13 and close of 11.31 Monday. What caused such a big move like that was this:
Above was the options chain as it was Thursday the 4th. On the 5th, as we closed above 8, all of the highlighted calls expired ITM. Approximately 37,118 just going off the open interest in the snap shot I had back then which = 3,711,800 shares.
As BBBY already had a ton of open interest leading into these recent movements, you will see on virtually all option chains there is a ramp being built. As BBBY moves higher, it becomes a self fulfilling prophecy of expiring contracts ITM and further propulsion higher.
Here is the options chain of ITM contracts for Friday (we closed under 13 and remained that way through 5:30 PM which is the last moment you can exercise).
Here is fridays contracts all ITM
This represents 62,849 contracts ITM and this equates to 6,284,900 shares. This is roughly just under double what happened on last Friday the 5th.
Below is Aug 19, this coming Friday and this is already all ITM:
This represents 51,618 contracts ITM right now that dont even expire until this Friday and I imagine even more will be added in further out strikes over the week. This represents 5,161,800 shares.
Open interest is stacking elsewhere too, more particularly on the Sept 16 and further on the Jan 2023. Here are the highlights for whats in store:
Theres even a cute buildup of open interest on Jan 2024!
I decided to do the math and if there is any part of all this thesis on BBBY that is a nail in the coffin it's this.
Jan 2023 ALONE has 305,170 open interest running from 8 to 80. So if BBBY ever gets to 80, exactly 30,517,000
Keep in mind the stock only has 79,960,000 outstanding shares and a float of 69,450,000. 55,767,626 of which are owned by the top holders of BBBY and 29,000,000 shares are short. So right now between shorted shares and actual holdings not even by any retail at all, 84,767,626 shares are tied up. Throw another 30,517,000 shares in the mix by Jan of 2023 and who knows what the price action will do. Could go down, could go up, who knows!
If you haven't noticed, all stocks are doing well right now. It is important that the maco economic green light is on so to speak. This makes BBBY the value in BBBY shine even more. BBBY has 7B in trailing 12 months revenue. The ONLY thing "holding it back" according to all our favorite analysts is debt. Let something come up about a debt refinance, far OTM warrants offering or restructuring of the bonds break loose and we go even higher because then the analysts won't have anything left to complain about.
Long term it matters if the management company cares about the company and fixing its fundamental problems. Once net income is fixed, BBBY doing 7B in revenues. Buy Buy Baby doing 1.3B. This revenue will only grow especially under this leadership team that actually cares about the company. This in and of itself can command the previous prices in 2013 and 14 of 80/share before Tritton ever got involved.
Worried about some tomfoolery coming in to basically cheat like they did last time? The odds of that are very low now.
Robinhood is in some hotwater and it serves as a warning to other brokerages who did do the same thing to try it again. It acts as a classical skull on a pole type of message.
There were some interesting things that happened with GME and its price swings. This sums it up:
Every day, high frequency trading firms like Citadel siphon away investors’ money using their super-sophisticated, blink-of-an-eye trading systems to anticipate upcoming market moves and pick off investors’ orders at favorable prices. They then turn around and immediately resell those shares at the improved price, pocketing billions of dollars in sure-fire profits. Called ‘latency arbitrage,’ the practice moves money from the pockets of everyday investors to the coffers of the sophisticated professional traders who get to take full advantage of their ‘sneak peak’ into the market.
https://bettermarkets.org/newsroom/todays-court-win-for-the-sec-is-a-big-win-for-investors/
Citadel lost this case July 29th or at least that is when these were reported. Notice anything interesting since Aug? Some stocks have just been on a tear! Coincidence? I leave that up to you. What we do know is a certain someone can't cheat openly anymore.
The most recent whale wisdom is looking good. We even have a fair bit of healthy disagreement going on with one group buying a TON of puts and another fund happy to take the opposite with a TON of calls:
https://whalewisdom.com/stock/bbby
I mentioned earlier that the macro environment matters and it does. Its important to note that its basically party on until mid Sept. Next fed meeting is Sept 21st:
Next inflation data Sept 13th:
So there virtually nothing to come in and pull the rug from the broader market macroeconomically. This means that money is coming into the markets because the coast is clear for now and we have seen that happen on just the broader indices. We don't even have BBBY earnings until an estimated 09/29! So there is literally a full month of no random inflation report or JPOW stepping in and destroying the direction of this recent rally.
Heres something to laugh about:
Lastly we still have the update coming this month! What could it be? It could be the start of no return.
TLDR;
37,118 contracts expired 8/5 propelling us higher on 8/8. lil under double that has expired ITM on 8/12 for 62,849 contracts having expired ITM on Friday. Jan 2023 has 305,170 contracts ITM if it gets to $80 by then. Robinhood has more eyes on its practices than ever and so will other brokerages if they try to pull a fast one and speaking of fast ones, citadel and other traders like them don't have high frequency trading like they used to.
Buckle up buttercup. Gonna be a bumpy ride
Hey guys!
As the title says, I bought shares in bbby before they were deemed worthless and removed from my account. I'd like to believe this isnt the end of my investment here, but I have to accept that may be the case. The only thing that makes me believe it may not be over is the 652.5hrs in the docs that were logged in relation to M&A. What do you guys make of this?
Hello,
How would I describe the situation of $BBBY stock and what has happened to it to someone who is trying to learn more about it?
Looking for a fast summary basically but still hitting all the critical points of this story that is unfolding before our eyes.
Any help would be appreciated.
The collapse of Bed Bath & Beyond (BBBY) wasn’t a simple case of bad management — it was the result of deliberate sabotage by insiders and short sellers.
In 2022, Ryan Cohen disclosed a major stake in BBBY and proposed a serious turnaround plan to the board, including the potential acquisition of Buy Buy Baby, the company's most valuable asset.
Instead of acting in shareholders' best interests:
The board authorized massive buybacks at inflated prices, draining liquidity.
Short sellers aggressively attacked the stock, flooding the market with FTDs and naked shorts, accelerating its collapse.
CFO Gustavo Arnal tragically died under immense legal and financial pressure.
The real goal?
Kill the company, steal Buy Buy Baby during bankruptcy at a discount, and leave retail shareholders with nothing.
When BBBY filed for Chapter 11 in 2023, insiders and connected firms were ready to strip its best assets. Instead of maximizing recovery for shareholders, the sales process was opaque and favored insiders and private equity firms ready to scoop up assets at pennies on the dollar.
Exactly the kind of endgame short sellers and hostile players were counting on from the beginning.
Bottom line:
BBBY’s collapse was engineered, not inevitable.
The free market was manipulated.
Retail shareholders were set up and sacrificed.
The only way to fix this "clown" fiesta:
🧹 Restore the free float — no more insider hoarding
🕵️ Investigate the frauds, the trades, the buybacks
👨🌾 Find someone who actually wants to run a real business, not another buy-and-burn vulture fund
Meanwhile, mainstream media focused on Ryan Cohen, portraying him as reckless or manipulative — while ignoring the real crimes happening inside the company and the massive market manipulation from short sellers and hedge funds.
If BBBY can be destroyed like this, no company is safe.
The playbook is clear:
Load the board with enablers.
Run fake buybacks.
Weaponize short sellers.
Collapse the company.
Steal the assets with a Chapter 11 strategy.
And the regulators? Still nowhere to be found.
Sources:
SEC Filing: Cohen's Letter | Axios: Bankruptcy | NYT: CFO Death | Fintel: FTDs Data | CNBC: Buyback
https://www.reddit.com/r/wallstreetbets/comments/wpv03w/bbby_megathread_8162022/
Is it another Gamestop pump and dump? Why is r/wallstreetbets going crazy for Bed Bath abd Beyond stock?
Answer: BBBY's stock shot up in value today and the Internet is going wild
https://www.marketwatch.com/investing/stock/bbby
Answer: They are trying to trigger a short squeeze just like GameStop and tesla. Hedge funds have heavily sold short BBBY. You don't need to know much about what that means except that it puts the hedge funds in a position where they will be forced to buy the shares back no matter what the price is. So everyone piles into it raising the price forcing the hedge funds to buy raising the price even further. This is called a short squeeze.
Can someone tell me when the last possibility for any return in this play is gone? Would like to end this chapter but the hopium keeps me coming back 😂 So is there a date where this is definitely lost or will people just keep moving the goal post? I heard something about december 14th is that correct?
Been coming to this reddit and various others for almost 2 years now. Daily. Much like yourself (and apparently a great deal of others in the comments)... I am ready to experience the end.
I am not a PP-sycophant. I have zero desire to hear Pulte talk in-person about his personal mission (though I believe him to be a solid human, but a business-man all the same). Some of the PP-episodes as of late that focus on tinfoil pontificating have made me just restart the stream and listen to that opening-song-banger over and over (What is that track?!)
I need to close the chapter on the last few years of my life in a real way. Of course i would love to have a few more zeros in my bank account, but at this point, I would also just be stoked on closure. I either want to know if I was right or if I was wrong... but this waiting game has proven to be bummer-town-5000. What a rollercoaster.
Thank you making the post. It was a solid experience to read the comments and see so many seemingly sane and level headed humans/bots/bobbies (i imagine that makes up the bulk of us- or at least that is what i tell myself).
At the end of the day, whether it's this week or never, I've learned a lot of valuable lessons since dropping my savings into BBBY. I am cheering for massive change on a global level in terms of our financial systems... they suck. I'd like to think Cohen is a "helper" in this world and trying to do something epic (all the breadcrumbs legitimately lend itself to this theory IMO), but he might also just be a business-man. And that's ok, too. Regardless, bring on the finish line in whatever form it takes!
IMO in the next 4-6 weeks max. If no spicy dockets drop and no official forms S-1, S-4, 69-420 (I dunno what they all are lol) then best to forget about it.
Disclosure: I hold a modest long position in this ticker, currently underwater by about 25%, no biggie.
I opened my BBBY position in March 2022 when Ryan Cohen (he of Chewy and GameStop fame) bought his 9.5M BBBY shares for a ~10% stake in the company and then engaged in a very aggressive social media campaign against the company's executives and its "over price consultants". Ultimately, Cohen was able to secure 3 Board seats on the company for his hand-picked associates, and now has quite a bit of sway regarding the company's future:
-
https://www.cnbc.com/2022/03/25/bed-bath-beyond-strikes-deal-with-activist-investor-ryan-cohen.html
BBBY is now trading at about a 0.11x price-to-sales ratio, and Ryan Cohen has announced that he thinks the profitable BuybuyBaby chain should be sold off (for several times more than the company's current market cap) in order to erase BBBY's debt and narrow the parent company's scope. This idea has some merit to it, and has been discussed before:
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https://www.cnbc.com/2020/06/26/buybuy-baby-may-be-worth-more-than-all-of-bed-bath-beyond-bank-of-america-says.html
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https://www.marketwatch.com/story/bed-bath-beyonds-baby-business-isnt-worth-multiple-billions-analysts-say-contradicting-ryan-cohen-letter-11646676679
Currently, BBBY is trading at around $8, with a paltry $650M market cap, against annual revenues of approx. $8bn in 2021. It historically has traded as high as $80 (2013-2015) and even $44 in 2021 (June 2, 2021). BBBY has also bought back $1bn worth of its shares in recent years, and clearly considers its own share price to be very undervalued:
-
https://bedbathandbeyond.gcs-web.com/news-releases/news-release-details/bed-bath-beyond-inc-advances-1-billion-three-year-share
In addition to buying 9.5M shares between $13-17 (~$150,000,000), Cohen also purchased a ton of Jan 2023 Calls (16,701 contracts) with $60-$80 strike prices:
-
https://www.thestreet.com/memestocks/other-memes/bbby-stock-ryan-cohen-steps-in-short-sellers-scramble
Ryan Cohen has been very vocal on his Twitter account since the New Year regarding inflation, monetary policy, and the Fed. He clearly has more than a passing knowledge of, and interest in, the current state of the economy. Of course, no mention of BBBY and Ryan Cohen would be complete without mentioning the short interest in the ticker (20M shares publicly reported short, or 25% of total shares outstanding. But somehow 84% of the float according to Yahoo Finance??!) and the stock's weird trading correlation with other so-called "meme stocks" like GME, AMC. For example, BBBY had a huge price and volume spike on June 2, 2021, the same day that GME and other meme stocks also experienced massive price spikes and trading. However, I will leave aside speculation as to what that correlation might be caused by, or what it imply for the future of the share price.
I keep struggling to think of any reason why a successful activist investor like Ryan Cohen would drop that kind of dough without a very serious plan to turn the company around, even in this difficult economic climate.
Is anyone else fascinated with this stock's future and curious to see how it all shakes out? Will Ryan Cohen's 17,000 Jan 2023 options contracts "print", or will his bet end up on WSB's loss porn hall of fame?
I am very curious to hear other people's take on this stock!
$BBBY has become a coinflip.
Positives:
70% short float
Share repurchase program increased in December. "Both ASR programs, which will total $375 million, are expected to be completed by no later than the end of the Company’s fiscal year on February 27, 2021
Mark Tritton & Co have been in charge for over a year now
Improved online platform
Google trends show unusually large search numbers for Bed Bath & Beyond, very promising 3Q, likely to beat estimated earnings.
The average estimated analyst price target is $24,21, 36% higher than the current price of $17,76
The stock has fallen 18% in December, 25% since last top, room for growth
Negatives:
Former support at $18 is broken, and the fall of 15% to $15 is likely if shorts don't start covering in Monday/Tuesday.
15 day MA has moved under 50 day MA, makes the fall more likely
The top triangle pattern has formed over the past 30 days.
Conclusion: Could go either way lmao. After Q2 earnings were beaten, $BBBY rose like 70%. The risk of -15% is not that terrible too. Buy shares not call options, avoid using leverage and everything should work out well.
Please share your thoughts about this.