Why Bed Bath & Beyond Shares Are Getting Hammered

Bed Bath & Beyond Inc BBBY shares are trading lower by 10.68% to $2.10 during Monday's session. The stock is falling amid continued selling pressure after a court filing on Friday revealed the company is winding down its Canadian operations.

Bed Bath & Beyond shares are also trading lower by some 32.07% to $2.10 over the trailing 5 session after the company last week announced a proposed $225 million offering of Series A Convertible Preferred Stock and warrants.

See Also: Why Alteryx (AYX) Shares Are Popping Off Monday

So What Happened?

Our Benzinga team reported Bed Bath & Beyond has filed its Canadian division for protection under the Companies Creditors Arrangement Act, Canada's rough equivalent of chapter 11 bankruptcy, per Reuters.

Bed Bath & Beyond operates 54 Bed Bath & Beyond stores and 11 Buybuy Baby stores in Canada. The company has 387 full-time employees and 1,038 part-time employees in the country...Read More

According to data from Benzinga Pro, BBBY has a 52-week high of $30.06 and a 52-week low of $1.27.