Shares of Bed, Bath & Beyond Inc.
surged 15% in early premarket trading on Wednesday after The Wall Street Journal reported, citing sources, that the struggling retailer has picked a lender to provide a much-needed loan deal, following a marketing process by JPMorgan Chase & Co. The company is hoping to shore up liquidity amid inventory struggles and falling sales. An earlier report from The Wall Street Journal said Bed, Bath and Beyond had been hoping to secure around $375 million to also help it pay down debt. Shares of the company have surged 74% this month, which has been credited to efforts by the Wall Street Bets crowd on Reddit, though the stock remains down 39% year to date. Neither Bed, Bath & Beyond, nor JPMorgan responded to a request by the WSJ for a comment on the report.
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