Bed, Bath & Beyond Inc.

NASDAQ:BBBY  
6.11
-0.08 (-1.29%)
5:03:46 PM EDT: $6.09 -0.02 (-0.33%)
Other Pre-Announcement

Bed Bath & Beyond Says It Secured Commitments For More Than $500 Mln Of New Financing

Published: 08/31/2022 13:45 GMT
Bed, Bath & Beyond Inc. (BBBY) - .
Announces Strategic Changes to Strengthen Its Financial Positioning, Drive Growth and Better Serve Customers.
Secured Financing Commitments for More Than $500 Million of New Financing.
Announced It Has Secured Financing Commitments for More Than $500 Million of New Financing.
In Fiscal 2022, Planned Capital Expenditures Are Now Forecasted to Be $250 Million.
Has Begun Implementing Significant, Additional Sg&a Reductions to Right-size Its Cost Structure.
Bed Bath & Beyond - Secured Financing Commitments Including Its Newly Expanded $1.13 Billion Abl Facility and a New $375 Million Filo Facility.
Cost Optimization Plans Include a Reduction in Force, Including Approximately 20% Across Corporate and Supply Chain.
Identified and Commenced Closure of Approximately 150 Lower-producing Bed Bath & Beyond Banner Stores.
Expects Actions Announced Today to Reduce Sg&a by Approximately $250 Million in Fiscal 2022.
Has Further Reduced Its Plan for Capital Spending.
In Fiscal 2022, Planned Capital Expenditures Are Now Forecasted to Be $250 Million.
Working Expeditiously to Increase Its National Brands Inventory Where Possible.
Will Increase Inventory Penetration by 20 Percentage Points Over Long Term.
Bed Bath & Beyond- Continues to Evaluate Portfolio & Leases, in Addition to Staffing, to Ensure Alignment With Customer Demand and Go-forward Strategy.