Bed Bath & Beyond to be delisted by NASDAQ

Bed Bath & Beyond, the home goods retailer which filed for bankruptcy over the weekend, announced on Tuesday that Nasdaq will be delisting the company’s stock.

The announcement came in a news release posted to the company’s website, which said that “Nasdaq had determined to delist the Company’s common stock as a result of the Company’s commencement of voluntary proceedings under Chapter 11 of the United States Bankruptcy Code.”

According to the notice, which came from the Listing Qualifications Department of The Nasdaq Stock Market LLC, suspension of any trading of Bed Bath & Beyond common stock (BBBY) will commence on May 3, 2023.

Bed Bath & Beyond also announced the cancellation of its Special Meeting of Shareholders, scheduled for May 9, as well as the decision to withdraw all proposals it set forth in the “Company’s Definitive Proxy Statement on Schedule 14A,” which was filed with the Securities and Exchange Commission on April 5.

The decision to file for bankruptcy came after years of financial hardship for the company, and followed the choice last August to close 150 stores and cut 20% of its staff.

In February, they announced they were closing an additional 87 locations, including some in New York.

The company said that it would continue to operate its 360 remaining stores, as well as 120 BuyBuy BABY stores, as it begins the process of shutting them down.