The CEO announced a special meeting of shareholders to vote on the reverse share split plan in a ratio of 1 in 10 to 1 in 20, with the exact ratio to be determined by the board of directors.

The vote is scheduled for 9 May and only shareholders registered before 27 March will be entitled to vote. If the proposal does not receive sufficient support, the special meeting may be adjourned to attract additional proxies.

Bed Bath & Beyond said in a regulatory filing that the reason for the move was that the company “needs to raise shareholder capital in order to have the necessary cash resources to fund operations and service obligations”. The company warned that if shareholders reject the plan, “it is likely to force us to file for bankruptcy”.

If you think you’ve read this before, it’s because this is the third time this year Bed Bath & Beyond has declared bankruptcy imminent unless it receives an immediate cash injection. On two previous occasions, in January and late March, the company said it would sell shares to raise the necessary capital. In the current statement, Bed Bath & Beyond said a reverse stock split would raise the share price and make it more attractive to investors, which would help raise more money in the current share sale.