Bed Bath & Beyond (NASDAQ: BBBY) investors had today circled on their calendars, as the struggling retailer promised last week to give the investing community a business and strategic update this morning while the company is facing a liquidity crisis and its sales and profits are tanking.

Ironically, the update comes after the stock skyrocketed this month, thanks to a short squeeze generated by meme stock traders on platforms like Reddit's WallStreetBets.

Today, however, investors didn't like what they saw in the strategic update, and the stock was down 20.4% as of 10:59 a.m. ET.

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Source Fool.com