Bed Bath & Beyond Sinks After Saying It May Sell Shares
- The stock tumbles as much as 21% in premarket trading
- Investors are awaiting a strategic business update from firm
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Bed Bath & Beyond Inc. shares plunged in premarket trading Wednesday after the home-goods retailer announced in a filing that it may offer, issue and sell shares of its common stock from time to time.
Shares in the retail-trader favorite sank as much as 21% as of 6:42 a.m. New York time, erasing an earlier gain of as much as 6.5%. The company said it plans to use proceeds from any sales of its common stock to, among other things, pay down its outstanding debts. The announcement comes as investors geared up for a strategic update from the home-goods retailer, due before the opening bell.