Bed Bath Beyond Announces Store Closings Layoffs And New Funding In Push To Fix Troubled Business

Joe Raedle | News Getty Images | Getty Images Bed Bath & Beyond said Wednesday it has secured more than $500 million in new financing and is closing stores and laying off staff as it tries to fix its struggling business. The home goods retailer announced the moves in a news release ahead of an investor briefing early Wednesday. He is expected to share more details about his recovery strategy. Bed Bath said it will close about 150 of its namesake stores and cut its workforce by about 20% across its corporate and supply chain. The company said it has secured a $375 million loan through Sixth Street Partners, a lender that has provided financing to other retailers, including JC Penney and Designer Brands. It has also extended its $1.13 billion revolving credit facility. Earlier Wednesday, it said in a filing that it will sell an undisclosed amount of shares. The announcement sent the retailer’s stock plummeting in premarket trading. The company also said Wednesday that the sales slowdown continued into the current fiscal quarter. It said same-store sales are down 26% so far in the period – the steepest decline it has seen in years. Bed Bath announced leadership changes, including Chief Operating Officer John Hartmann leaving the company. Its board ousted former CEO Mark Tritton and Chief Merchandising Officer Joe Hartsig in late June. The company’s finances and operations are in a difficult position. As the retailer has spent money on store renovations, new private labels and stock buybacks, its sales have slowed and its excess inventory has been piling up. Its net losses widened to $357.7 million in the most recent quarter. At the end of May, it had about $100 million in cash compared with $1.1 billion a year earlier. That precarious position has jeopardized the relationship with suppliers it relies on to stock shelves and warehouse goods — especially during important seasons like back-to-school and the Christmas season. Shares of Bed Bath have been on a roller coaster ride for months, peaking at $30.06 and falling to a low of $4.38 in the past year. As of Tuesday’s close, shares are down about 17% year-to-date. Shares closed Tuesday at $12.11, down about 9%. Read the company’s news release here. This story is developing. Check back for updates.

title: “Bed Bath Beyond Announces Store Closings Layoffs And New Funding In Push To Fix Troubled Business Klmat” ShowToc: true date: “2022-11-22” author: “Marie Ruth”

Joe Raedle | News Getty Images | Getty Images Bed Bath & Beyond said Wednesday it has secured more than $500 million in new financing and is closing stores and laying off staff as it tries to fix its struggling business. The home goods retailer announced the moves in a news release ahead of an investor briefing early Wednesday. He is expected to share more details about his recovery strategy. Bed Bath said it will close about 150 of its namesake stores and cut its workforce by about 20% across its corporate and supply chain. The company said it has secured a $375 million loan through Sixth Street Partners, a lender that has provided financing to other retailers, including JC Penney and Designer Brands. It has also extended its $1.13 billion revolving credit facility. Earlier Wednesday, it said in a filing that it will sell an undisclosed amount of shares. The announcement sent the retailer’s stock plummeting in premarket trading. The company also said Wednesday that the sales slowdown continued into the current fiscal quarter. It said same-store sales are down 26% so far in the period – the steepest decline it has seen in years. Bed Bath announced leadership changes, including Chief Operating Officer John Hartmann leaving the company. Its board ousted former CEO Mark Tritton and Chief Merchandising Officer Joe Hartsig in late June. The company’s finances and operations are in a difficult position. As the retailer has spent money on store renovations, new private labels and stock buybacks, its sales have slowed and its excess inventory has been piling up. Its net losses widened to $357.7 million in the most recent quarter. At the end of May, it had about $100 million in cash compared with $1.1 billion a year earlier. That precarious position has jeopardized the relationship with suppliers it relies on to stock shelves and warehouse goods — especially during important seasons like back-to-school and the Christmas season. Shares of Bed Bath have been on a roller coaster ride for months, peaking at $30.06 and falling to a low of $4.38 in the past year. As of Tuesday’s close, shares are down about 17% year-to-date. Shares closed Tuesday at $12.11, down about 9%. Read the company’s news release here. This story is developing. Check back for updates.

title: “Bed Bath Beyond Announces Store Closings Layoffs And New Funding In Push To Fix Troubled Business Klmat” ShowToc: true date: “2022-12-10” author: “Michael Romero”

Joe Raedle | News Getty Images | Getty Images Bed Bath & Beyond said Wednesday it has secured more than $500 million in new financing and is closing stores and laying off staff as it tries to fix its struggling business. The home goods retailer announced the moves in a news release ahead of an investor briefing early Wednesday. He is expected to share more details about his recovery strategy. Bed Bath said it will close about 150 of its namesake stores and cut its workforce by about 20% across its corporate and supply chain. The company said it has secured a $375 million loan through Sixth Street Partners, a lender that has provided financing to other retailers, including JC Penney and Designer Brands. It has also extended its $1.13 billion revolving credit facility. Earlier Wednesday, it said in a filing that it will sell an undisclosed amount of shares. The announcement sent the retailer’s stock plummeting in premarket trading. The company also said Wednesday that the sales slowdown continued into the current fiscal quarter. It said same-store sales are down 26% so far in the period – the steepest decline it has seen in years. Bed Bath announced leadership changes, including Chief Operating Officer John Hartmann leaving the company. Its board ousted former CEO Mark Tritton and Chief Merchandising Officer Joe Hartsig in late June. The company’s finances and operations are in a difficult position. As the retailer has spent money on store renovations, new private labels and stock buybacks, its sales have slowed and its excess inventory has been piling up. Its net losses widened to $357.7 million in the most recent quarter. At the end of May, it had about $100 million in cash compared with $1.1 billion a year earlier. That precarious position has jeopardized the relationship with suppliers it relies on to stock shelves and warehouse goods — especially during important seasons like back-to-school and the Christmas season. Shares of Bed Bath have been on a roller coaster ride for months, peaking at $30.06 and falling to a low of $4.38 in the past year. As of Tuesday’s close, shares are down about 17% year-to-date. Shares closed Tuesday at $12.11, down about 9%. Read the company’s news release here. This story is developing. Check back for updates.

title: “Bed Bath Beyond Announces Store Closings Layoffs And New Funding In Push To Fix Troubled Business Klmat” ShowToc: true date: “2022-12-18” author: “Belinda Morrow”

Joe Raedle | News Getty Images | Getty Images Bed Bath & Beyond said Wednesday it has secured more than $500 million in new financing and is closing stores and laying off staff as it tries to fix its struggling business. The home goods retailer announced the moves in a news release ahead of an investor briefing early Wednesday. He is expected to share more details about his recovery strategy. Bed Bath said it will close about 150 of its namesake stores and cut its workforce by about 20% across its corporate and supply chain. The company said it has secured a $375 million loan through Sixth Street Partners, a lender that has provided financing to other retailers, including JC Penney and Designer Brands. It has also extended its $1.13 billion revolving credit facility. Earlier Wednesday, it said in a filing that it will sell an undisclosed amount of shares. The announcement sent the retailer’s stock plummeting in premarket trading. The company also said Wednesday that the sales slowdown continued into the current fiscal quarter. It said same-store sales are down 26% so far in the period – the steepest decline it has seen in years. Bed Bath announced leadership changes, including Chief Operating Officer John Hartmann leaving the company. Its board ousted former CEO Mark Tritton and Chief Merchandising Officer Joe Hartsig in late June. The company’s finances and operations are in a difficult position. As the retailer has spent money on store renovations, new private labels and stock buybacks, its sales have slowed and its excess inventory has been piling up. Its net losses widened to $357.7 million in the most recent quarter. At the end of May, it had about $100 million in cash compared with $1.1 billion a year earlier. That precarious position has jeopardized the relationship with suppliers it relies on to stock shelves and warehouse goods — especially during important seasons like back-to-school and the Christmas season. Shares of Bed Bath have been on a roller coaster ride for months, peaking at $30.06 and falling to a low of $4.38 in the past year. As of Tuesday’s close, shares are down about 17% year-to-date. Shares closed Tuesday at $12.11, down about 9%. Read the company’s news release here. This story is developing. Check back for updates.