At the time of its bankruptcy filing, Bed Bath & Beyond reported debts of more than $5 billion. The company folded despite multiple attempts to revive the flagging brand, including a short-lived intervention last year by current GameStop Executive Chairman Ryan Cohen. Part of Cohen's proposed turnaround strategy involved spinning off Buy Buy Baby, which he said in a March 2022 letter was likely "much more valuable" than Bed Bath & Beyond's entire market capitalization. Bed Bath & Beyond closed multiple locations as part of its early efforts to cut costs. Cohen's brief interest in the company — he sold his position in the company in November 2022 without further comment — put Bed Bath & Beyond shares into the realm of meme stocks, a retail investor-driven phenomenon in which struggling companies gain interest from day traders who are betting on a long-shot revival.