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This holiday season was “Custer’s last stand” for Bed Bath & Beyond. He will be “disappeared” by next Christmas, top analysts say.

“This really was Custer’s last stand, and it’s going to end up pretty much the same way it did Custer,” he said Yahoo Finance on Wednesday. “A year from now we won’t have the same conversation about Bed Bath & Beyond. Bed Bath & Beyond will be no more. Of course, Custer didn’t survive the Little Big Horn, as described in countless books and adaptations, such as “Son of the Morning Star.”

If Bed Bath & Beyond ends up failing, it definitely won’t go quietly away. The company has become a so-called “stash of memes” in 2021, growing on the back of interest from retail investors who gathered to discuss deals on Reddit’s r/wallstreetbets.

Following Bed Bath & Beyond’s initial share raise in 2021, the activist investor and Chewy co-founder Ryan Cohen bought million shares a favorite of the retail public and became the chairman of the board, sparking hope among investors that he would turn the tables.

The home improvement retailer’s shares soared nearly 800% between its 2020 COVID-induced lows and peak 2021 meme stocks, boosted by Cohen’s investment and active involvement. Some traders have made millions in the process, even a 20-year-old USC student crosslinked $110 million, but all the while the company struggled to turn a profit.

Bed Bath & Beyond lost $559 million in the fiscal year ended February and more than $700 million in this year’s first and second fiscal quarters combined. SEC filings to exhibit.

Cohen sold his entire stake in a surprise move in August, pocketing $68.1 million in profit and triggering the largest intraday drop ever for the stock. Shares of the company are down more than 84% year-to-date and more than 93% from the 2021 peak above $35 per share.

After Cohen sold his shares, both he and then-CFO Gustavo Arnal of Bed Bath & Beyond were accused of operating a “pump and dump scheme” that artificially inflated the value of Bed Bath & Beyond’s shares in the United States District Court for the District of Columbia.

Weeks later, Arnal he leapt to his death from Manhattan’s iconic “Jenga” skyscraper, leading to calls for an SEC investigation into Cohen’s potential plan to raise – with former SEC Chairman Jay Clayton saying the regulator likely would look in Cohen’s timely exit.

But for investors, Loop Capital chief executive Anthony Chukumba had a clear message:

“We don’t have to go through all the stuff that happened with Bed Bath & Beyond, all you need to know is that they’re just not relevant anymore.”

Chukumba has been bearish on Bed Bath & Beyond for over a year. In June, he called the company’s earnings report a “dumpster fire”, warning that it was burning through cash and inventories were increasing.

And in August, he said the stock was direct at $1 a share since their business hasn’t had “momentum” and was expected to raise $500 million just to pay off its current debts and continue operating. This holiday season has only hardened his conviction.