Bed Bath & Beyond unveiled new plans on Tuesday to support its struggling business.
The move comes after the home goods retailer successfully pulled off a last-ditch bid to avoid bankruptcy by raising additional cash.
- Bed Bath & Beyond announced on Tuesday that it raised about $225M after conducting a successful equity offering of preferred stocks and warrants.
- The equity offering raised a further $800M in cash, which will come in future installments.
- The struggling retailer also provided a "strategic update" on its turnaround strategy, which will include shrinking the number of stores it runs to 360, down from 762 in November 2022.
- Company president and CEO Sue Gove called the equity deal a "transformative transaction" and said it will "provide a runway to execute our turnaround plan."
- The company also announced on Tuesday that it has hired bankruptcy expert Holly Etlin as its interim chief financial officer.
- Last month, Bed Bath & Beyond defaulted on a loan issued by JPMorgan.
