Bed Bath & Beyond Inc. Receives Additional Proceeds from Previously Announced Public Equity Offering
Bed Bath & Beyond (BBBY) has announced receipt of approximately
- Cumulative proceeds of $360 million received, enhancing liquidity.
- Reduced outstanding revolving loans, improving financial position.
- Engagement with suppliers to optimize inventory.
- Failure to receive full proceeds from financing could lead to bankruptcy.
- Possible need for additional strategic alternatives, increasing uncertainty.
Cumulative Proceeds of
In connection with the foregoing, the Company entered into a waiver and amendment to its Credit Agreement.
About the Company
The Company operates websites at bedbathandbeyond.com and buybuybaby.com.
Forward-Looking Statements
This press release contains a number of forward-looking statements. Words such as "expect," "will," "working," "plan" and variations of such words and similar future or conditional expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the Company's ability to use current and future financing sources, including receipt of the full amount of gross proceeds from the Company's previously announced financing transactions, and the anticipated use of proceeds therefrom as well as the Company's ability to comply with its obligations under its credit agreement and successfully execute its turnaround plans. These forward-looking statements are not guarantees of future results and are subject to a number of risks and uncertainties, many of which are difficult to predict and beyond the Company's control. Important factors that may cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the uncertainties related to market conditions and the receipt of the full amount of gross proceeds from such financing transactions on the anticipated terms or at all, the Company's ability to use proceeds from such financing transactions to pay down outstanding debt obligations and operate its business; risks related to the failure to receive the full amount of gross proceeds from such financing transactions, which the Company expects will likely force it to file for bankruptcy protection; the Company's ability to regain and maintain access to its credit agreement; the Company's ability to deliver and execute on its turnaround plans; the Company's potential need to seek additional strategic alternatives, including restructuring or refinancing of its debt, seeking additional debt or equity capital, reducing or delaying its business activities and strategic initiatives, or selling assets, other strategic transactions and/or other measures, including obtaining relief under the
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