Bed Bath & Beyond said it would close roughly 20% of its namesake stores, cut its workforce and bring in fresh cash to stabilize the business through the holiday season as the retailer confronts plunging sales
The new arrangement will reduce the debt exposure of the JPMorgan credit line by more than half while Bed Bath & Beyond retains access to about $800 million in borrowing capacity. The company said it ended the latest quarter with about $200 million in cash and investments.A personal, guided tour to the best scoops and stories every day in The Wall Street Journal.“Bed Bath & Beyond has a temporary reprieve from questions about its financial viability.
“Our customer has communicated clearly that national brands are a really important part of their shopping experience with us,” said Mara Sirhal, who was recently named Bed Bath & Beyond brand president. Some of Bed Bath & Beyond’s suppliers have started negotiating terms to get paid faster after they struggled to secure insurance against their merchandise sent to the retailer, according to people with knowledge of the matter. At least one vendor has been negotiating terms with the company to get paid upfront, the Journal has reported.
It will also close about 150 of the roughly 770 Bed Bath & Beyond stores, including about 50 to 60 in the first wave, finance chief Gustavo Arnal said during a conference call.
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