Bed Bath & Beyond tossed thin lifeline

Bed Bath & Beyond reportedly has lined up investors for a last-minute cash infusion to help the struggling home-goods retailer avoid bankruptcy — but experts are skeptical whether the plan will work.

Hudson’s Bay Capital Management has agreed to anchor a sale of preferred stock that Bed Bath & Beyond disclosed late Monday that would raise more than $1 billion, according to Bloomberg.

Nevertheless, the retailer’s shares — which surged 92% to close at $5.86 on Monday, fueled by the meme-stock crowd — plunged 49% on Tuesday to $3.01.

“There is slim to no chance that the plan they announced yesterday will stave off a bankruptcy filing, because the debt hole they are in is too big,” said distressed debt expert David Wander, a partner with Tarter, Krinsky & Drogin.

Tweeted the Maverick of Wall Street, “What the ‘geniuses’ who are chasing bankrupt companies don’t understand is that it’s just a matter of time before these companies use the pumps to dump stock and raise much-needed cash.”

Wander added, “Shame on Bed Bath & Beyond for taking advantage of the meme crowd who can’t control themselves from throwing good money after bad stocks.”

The company on Monday announced a plan to avoid bankruptcy by securing a $100 million credit line from one of its lenders — Sixth Street Partners — and approval to raise more than $1 billion in the preferred stock sale, according to SEC filings. The funds would be used to pay down its $1.1 billion debt, the company said.

Yet the home goods company conceded in filings that it “will likely file for bankruptcy protection” if all of these transactions are not “fully consummated.”