Bed Bath & Beyond Inc.’s stock closed at a record low of 31 cents Thursday.
Bed Bath & Beyond Inc.’s stock closed at a record low of 31 cents Thursday as the troubled home-goods retailer continued its push for a reverse stock split.
The stock ended Thursday’s session down 8.3%, compared with the S&P 500 index’s SPX gain of 0.4%. The embattled retailer’s previous record closing low was 34 cents, which it hit on Wednesday, FactSet data show. The sometime meme stock is pushing for a reverse stock split. In a filing Wednesday, Bed Bath & Beyond announced that a special meeting of shareholders will be held May 9 to vote on the reverse stock split proposal. The vote is on whether to effect a reverse stock split “at a ratio in the range of 1-for-10 to 1-for-20, with such ratio to be determined at the discretion of the Board,” according to the filing.
Related: Bed Bath & Beyond has launched a ‘Hail Mary pass’ with latest partnership, says retail expert
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