Why Bed Bath & Beyond Stock Rocketed Higher Wednesday Morning
Shares of Bed Bath & Beyond (NASDAQ: BBBY) were off to the races Wednesday morning, surging as much as 36.3%. As of 10:40 a.m. ET, the stock was still up 14.1%.
Reports suggest that the struggling home goods retailer had secured financing to address its recent liquidity problems.
On Tuesday, a report emerged that suggested Bed Bath & Beyond was able to arrange critical financing, according to The Wall Street Journal, citing "people familiar with the matter." The company has been experiencing cash flow problems, which were made worse by a recent pullback in consumer spending. Record-high inflation and rising interest rates have forced people to prioritize spending, leaving some retailers fighting for scraps.
Source Fool.com
