Bed Bath & Beyond Inc. on Wednesday said it had raised another $135 million in an equity offering to use toward rebuilding its financial and operational positioning to execute its turnaround plans and try to stave off bankruptcy.
The Union-based home goods retailer has so far raised $360 million out of the roughly $1 billion that it planned in stock and warrant offerings.
The company has used proceeds received to date to repay outstanding revolving loans, creating additional liquidity opportunities to support business operating activities.
“Since closing our equity financing last month, we have engaged with suppliers to improve our inventory positioning and we have continued to optimize our brick-and-mortar footprint through store closures to align with customer preference,” Sue Gove, CEO and president of Bed Bath & Beyond, said. “Additionally, as announced last week, we paid the outstanding interest due on all Senior Notes, which has been acknowledged by key constituents such as credit agencies. We continue to work with determination and diligence to fulfill both our near- and long-term goals of maximizing prospects for all stakeholders.”
