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Bed Bath & Beyond (BBBY, $9.53) the flailing home-goods retailer unveiled its ambitious turnaround plan on Wednesday, a plan that includes closing 150 stores, cutting 20% of its staff, and backpedalling on its strategy of pushing private labels over national brands.
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The home-goods retailer said it has received commitments for a new $375 million “first-in-last-out” facility with Sixth Street Partners and around $130 million to expand an asset-based revolving credit facility, which is led by JPMorgan Chase. The company said the loan deal hasn’t closed yet but is expected to soon.
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The biggest strategy shift for Bed Bath & Beyond is its inventory mix: the company said it would immediately start prioritizing national brands over its private-label offerings, a move that would highlight "beloved brands" like Cuisinart and OXO. Individual stores will be tasked with overhauling their aisles and end caps to lead with national brands, the company said.