Bed Bath & Beyond's latest plan for financial restructuring, store closures and layoffs may be the cash-strapped company's last bite at the turnaround apple.
Bed Bath & Beyond on Wednesday confirmed details of its financial restructuring, store closures and layoffs.This may be the cash-strapped company's last bite at the turnaround apple, lest it join onetime rival Linens 'n Things in the retail refuse bin.The retailer secured a $375 million loan from Sixth Street Partners and the expansion of its existing credit facility by around $125 million.
A source familiar with the deal says that Sixth Street was one of six bidders for the high-yield loan, in a JPMorgan-led process, and adds that the debt deal isn't contingent on BBBY's plans to sell new shares. BBBY also said it plans to close 150 stores and lay off an additional 20% of its employees "across corporate and supply chain."
The company adds that it completed a review of its buybuy BABY business, and that it's opting to hold onto the brand rather than put it up for sale.
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