Bed Bath & Beyond Inc.
Thesis
Heitmeyer sees Bed Bath & Beyond as a turnaround opportunity, with significant asset value that is not reflected in its current stock price.
Did it work?
failed
confidence: low
The thesis hinged on Bed Bath & Beyond executing a turnaround and its asset value being realized by shareholders. That never happened: the company's operating performance continued to deteriorate and it ultimately filed for Chapter 11 bankruptcy in April 2023, liquidating assets with equity holders essentially wiped out — the opposite of the asset-value realization the pitch required. Because the pitch date and price performance are unknown, confidence is low, but the known outcome decisively invalidates a long turnaround thesis on the equity.