Bed Bath & Beyond's stock plunged nearly 30% Thursday. It dipped below $2 a share, an all-time low. "Bed Bath & Beyond is too far gone to be saved in its present form," Neil Saunders, an analyst at GlobalData Retail, said in a note to clients Thursday. "All of this points to bankruptcy as being the most likely outcome." The company's announcement marked the latest sign of trouble at one of the most popular retailers in America for decades. Founded in 1971, Bed Bath & Beyond became a staple for affordable home decor, kitchenware and college dorm room furniture. The retailer became known for its ubiquitous 20% off blue coupons and cavernous stores with merchandise stacked high to the ceilings. Brands coveted a spot on Bed Bath & Beyond shelves. But the company struggled to make the transition to online shopping and fend off larger chains such as Walmart and Target.