Mar 8, 2023
Bed Bath & Beyond raises $135 million more to aid turnaround effort
Mar 8, 2023
Bed Bath & Beyond Inc said on Wednesday it had raised another $135 million in an equity offering and was in the process of rebuilding its business after teetering on the brink of bankruptcy.
The retailer has so far raised $360 million out of the roughly $1 billion that it planned in a complex deal of preferred stock and warrant offerings.
"Over the past month, we have been rebuilding our financial and operational positioning to execute our customer-focused turnaround plans," Chief Executive Sue Gove said in a statement.
The Union, New Jersey-based home goods retailer has engaged with suppliers to improve inventory levels, closed stores to better align with customer demand and paid off outstanding interest payments, Gove said.
Bed Bath & Beyond shot to popularity in the 1990s as a go-to shopping destination for couples making wedding registries and planning for new babies, but demand has wilted in recent years as its merchandising strategy to sell more store-branded products failed.
In January, the company raised doubts about its ability to continue as a going concern, just months after it announced job cuts and 150 store closures.
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