Thursday, February 11, 2021
I have already written two blog posts on the GameStop Saga: “Rupture Rapture: Should the GameStop?” on February 2, 2021, and “Inciting to Rupture: Keith Gill and the GameStop Surge” on February 9, 2021. There are a number of other companies whose shares have seen buying surges akin to what happened to GameStop in January 2021: AMC Entertainment; Nokia; Koss, Corp.; and up to nine others (based upon the January 28 trading halt on Robinhood for the stocks of 13 companies). One of those affected was Bed Bath & Beyond (“BBB”), a retail chain selling kitchen, bedroom, bathroom, and related items. BBB had fallen on hard times since going public in 1992 but underwent a major management change in 2019 brought about by the intervention of three activist private equity firms. With new management in place, BBB announced that it would close 60 stores in early 2020. After COVID hit, the company announced that it would close some 200 stor