![]() ![]() The Company has realigned its executive leadership team to reflect the strategic priorities and changes announced today. The potential proceeds from an ATM are expected to be used for a number of corporate purposes, including to repurchase or repay some of the Company's debt. There is no guarantee that the closing conditions will be satisfied, however, the Company anticipates that the closing and funding of the loans will occur imminently.Īdditionally, the Company filed a Form S-3 Registration Statement with the SEC earlier this morning as it prepares for the potential launch of an at-the-market offering program ("ATM") for up to 12 million shares of common stock. The commitments are subject to customary closing conditions. Morgan, and Sixth Street Partners is serving as the Lender and Agent for the Company's FILO facility. The refinancing of the ABL Facility is being led by J.P. The Company announced it has secured financing commitments for more than $500 million of new financing, including its newly expanded $1.13 billion asset-backed revolving credit facility ("ABL facility") and a new $375 million "first-in-last-out" facility ("FILO facility"). We believe these changes will have a widespread positive impact across customer experience, inventory assortment, supply chain execution and cost structure. The customer underpins our decisions, and we are committed to delivering what they want while driving growth, profitability, and financial returns." Additionally, we are focused on driving digital and foot traffic, as well as optimizing our store fleet. ![]() This includes changing our merchandising and inventory strategy, which will be rooted in National Brands. We have taken a thorough look at our business, and today, we are announcing immediate actions aimed to increase customer engagement, drive traffic, and recapture market share. Gove continued, "We are working swiftly and diligently to strengthen our liquidity and secure our path for the future. We command a special presence in the Home and Baby markets, and we intend to fulfill our opportunity to be the category retailer of choice." In a short period of time, we have made significant changes and instituted enablers across our entire enterprise to regain our dominance as a preferred shopping destination for our customers' favorite brands and exciting products. Sue Gove, Director & Interim Chief Executive Officer commented, "We are embracing a straight-forward, back-to-basics philosophy that focuses on better serving our customers, driving growth, and delivering business returns. (NASDAQ: BBBY) today announced a strategic and business update focused on changes intended to meet the demand of its customers, drive growth and profitability, and improve its balance sheet and cash flows. 31, 2022 /PRNewswire/ - Bed Bath & Beyond Inc. ![]()
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