Bed Bath & Beyond stock is headed to $0 as the struggling retailer works on a 'last gasp' effort to stave off bankruptcy, Wedbush says

• Bed Bath & Beyond's price target was cut to $0 at Wedbush Securities on Tuesday. 
• The struggling retailer is rushing to raise funds to avoid bankruptcy but it's facing a slate of high-execution risks. 
• The retailer's stock sank by nearly 50% during Tuesday's session. 

Shares of Bed Bath & Beyond are on their way to zero, Wedbush Securities said Tuesday. 

Wedbush's 12-month price target on the company was cut to $0 from $1 by analyst Seth Basham, with the rating held at underperform. 

"BBBY proposed a series of moves to generate additional liquidity, satisfy its defaulted loans/missed interest payments, and, most importantly, buy it more time," Basham wrote.