Bed Bath & Beyond (OTCMKTS: BBBYQ) is rocketing up the charts since reversing off $0.048 lows on the bulletin boards. The stock is already more than doubled off its all-time lows and is currently under accumulation as Ryan Cohan, activist investors and chairman of GameStop has emerged as a potential buyer for the Company. It was Ryan Cohan, founder of Chewy that initiated the GameStop short squeeze when it was revealed that Cohan had a near 10% stake in GameStop, making him the company’s biggest individual investor. This was later increased to 12.9% on December 17, 2020, through an amended 13D filing with SEC. Mr. Cohan was also a major shareholder in Bed Bath and Beyond when it was disclosed in March 2022 that Mr. Cohan owned a 10% stake in the Company, through his investment company RC Ventures LLC. His firm later sold all their BBBY shares for a $68 million profit.  

On Sunday Bed Bath and Beyond filed for Chapter 11 bankruptcy protection at the U.S. District Court in New Jersey, listing its estimated assets and liabilities between $1 billion and $10 billion. The company’s 360 Bed Bath & Beyond and 120 buybuy Baby stores will remain open for the time being with the help of a $240 million loan from Sixth Street Specialty Lending. Bed Bath and Beyond is now looking for a buyer filing motions in New Jersey bankruptcy court asking permission to auction its two brands. If the company can find a buyer, then it will stop store closings. We will be updating on BBBYQ when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.

BBBY is no stranger to big moves skyrocketing to over $50 per share in early 2021. More recently in August of last year the stock spiked from a little over $6 per share to $30 per share in days. Now on the bulletin boards BBBYQ is highly volatile initially dropping to as low as $0.048 but rising fast since then topping $0.16 several minutes ago, a more than 200% move since its lows on Wednesday Morning. Q stocks have a long history of making rapid explosive moves on the bulletin boards and so far, BBBYQ has been no exception. 

A white knight amongst a sea of thieves. $BBBY pic.twitter.com/TaJXZvJEis

— gamestonk.loopring.eth (@game_loop_eth) May 2, 2023

Ryan Cohan grew up in Canada and start Chewy which grew quickly as he secured venture capital backing first from Volition Capital in 2013 and later on from BlackRock and T. Rowe Price New Horizons Fund. In April 2017, PetSmart purchased Chewy for $3.35 billion in the largest e-commerce acquisition of all time making Mr. Cohan a billionaire. Mr. Cohan continued on for a while and grew the business to 3.5 billion in revenue in 2018 prior to stepping down as CEO to pursue personal goals and spend time with his family. In June 2019, Chewy went public at a valuation of $8.7 billion. In his retirement Ryan Cohan became a prolific investor through his firm RC Ventures. He was the single largest individual shareholder of Apple with 6.2 million split-adjusted shares as of August 31, 2020.  

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‼️ $BBBY 310 Million NAKED!

DD confirms that $BBBY never authorized 310 million shares to be sold and Chapter 11 Bankruptcy has everything on file: https://t.co/wk9ZN2M9uB

🚨Shorts need to find 310M shares to close before May 3rd delisting to OTC! 🩳👉👌 MASSIVE RUN!#MOASS

— GMERICA – GME x BBBY (@moonclublfg) May 1, 2023

We previously reported on Bed Bath & Beyond on January 13 of this year stating at the time: “Bed Bath & Beyond Inc (NASDAQ: BBBY) hit 52-week lows last Thursday after the meme stock darling reported it may not be able to continues as a going concern. This comes after many months of declines since $30 highs in August. During that time shorts have been active in BBBY, with 25.1 million of new short sales since March 29, 2022, according to S3 Partners. This number has grown with another 3.8 million BBBY shares shorted over the past 30 days. If BBBY can avoid filing for bankruptcy the shorts will have to begin to cover and mass forcing a massive, short squeeze according to Ihor Dusaniwsky, S3 Partners’ managing director of of predictive analytics. We will be updating on BBBYQ when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.

Disclosure: we hold no position in BBBYQ either long or short and we have not been compensated for this article.