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Shares of bankrupt Bed Bath & Beyond Inc. rose 3.8% in premarket trades Wednesday, continuing the stock’s recent rally.
Bed Bath & Beyond’s stock
BBBYQ,
ended Monday’s session up 9.6%, snapping a two-day losing streak. Last week a judge approved Overstock.com Inc.’s
OSTK,
bid $21.5 million bid to buy Bed Bath & Beyond’s assets. U.S. stock markets were closed on Tuesday because of the Independence Day holiday.
Related: Overstock’s plan to become Bed Bath & Beyond could double its sales, analyst says
Shares of Bed Bath & Beyond were also boosted last week by news that the troubled retailer has slashed its debt.
Overstock.com’s stock is down 0.9% in premarket trades, after ending Monday’s session down 1.6%.
Related: Bed Bath & Beyond stock jumps nearly 40% as bankrupt retailer cuts debt
Delisted from the Nasdaq Composite, Bed Bath & Beyond has been trading over the counter since May 4.
Bed Bath & Beyond’s stock closed at just over 32 cents Monday. This, of course, is a far cry from Bed Bath & Beyond’s Nasdaq heyday. Trading under the ticker BBBY, the stock closed at a record $80.48 on Jan. 3, 2014, after adjusting for four 2-for-1 stock splits along the way.
See more: Bed Bath & Beyond employees’ final days bring chaos, confusion and rude customers: ‘It’s all a mess’
Bed Bath & Beyond’s bankruptcy earlier this year came after a troubled couple of years marked by strategic missteps, cash burn, challenging underlying business trends and the impact of the COVID-19 pandemic.
Additional reporting by Mike Murphy.
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