Beyond, Inc. Announces Sale of Corporate Headquarters Closing
Beyond, Inc. (NYSE:BYON) has completed the sale of its corporate headquarters in Midvale, Utah to Salt Lake County on December 20, 2024. The transaction includes a leaseback arrangement for a 5,000 square foot data center. The company will maintain its presence in Salt Lake City by leasing new office space that better suits its current business needs.
The sale aligns with Beyond's strategic plan to reduce debt and fixed costs, with the company achieving nearly 90% of its targeted $65 million annualized fixed cost reduction. The proceeds will be used to fully pay off associated mortgage obligations, with the remaining funds allocated to operations.
Beyond, Inc. (NYSE:BYON) ha completato la vendita della sua sede aziendale a Midvale, nello Utah, alla Contea di Salt Lake il 20 dicembre 2024. La transazione include un accordo di locazione per un centro dati di 5.000 piedi quadrati. L'azienda manterrà la sua presenza a Salt Lake City affittando nuovi spazi per uffici più adatti alle attuali esigenze aziendali.
La vendita è in linea con il piano strategico di Beyond per ridurre il debito e i costi fissi, con l'azienda che ha raggiunto quasi il 90% della riduzione annualizzata dei costi fissi target di 65 milioni di dollari. I proventi saranno utilizzati per estinguere completamente le obbligazioni ipotecarie associate, mentre i fondi rimanenti saranno destinati alle operazioni.
Beyond, Inc. (NYSE:BYON) ha completado la venta de su sede corporativa en Midvale, Utah, al Condado de Salt Lake el 20 de diciembre de 2024. La transacción incluye un acuerdo de arrendamiento para un centro de datos de 5,000 pies cuadrados. La empresa mantendrá su presencia en Salt Lake City alquilando nuevos espacios de oficina que se ajusten mejor a sus necesidades comerciales actuales.
La venta está alineada con el plan estratégico de Beyond para reducir la deuda y los costos fijos, habiendo conseguido casi el 90% de su reducción de costos fijos anualizada objetivo de 65 millones de dólares. Los ingresos se utilizarán para pagar completamente las obligaciones hipotecarias asociadas, destinándose los fondos restantes a las operaciones.
비욘드, Inc. (NYSE:BYON)는 2024년 12월 20일 유타주 미드베일에 있는 본사를 솔트레이크 카운티에 판매하는 계약을 완료했습니다. 거래에는 5,000 평방피트 데이터 센터에 대한 임대 계약이 포함됩니다. 이 회사는 현재의 비즈니스 요구에 더 적합한 새로운 사무실 공간을 임대하여 솔트레이크 시티에 계속 존재할 것입니다.
이번 판매는 부채와 고정 비용을 줄이려는 비욘드의 전략적 계획과 일치하며, 회사는 목표한 6천5백만 달러의 연간 고정 비용 절감의 거의 90%에 도달했습니다. 수익은 관련 모기지 채무를 전액 상환하는 데 사용되며, 나머지 자금은 운영에 할당됩니다.
Beyond, Inc. (NYSE:BYON) a finalisé la vente de son siège social à Midvale, dans l'Utah, au comté de Salt Lake le 20 décembre 2024. La transaction comprend un contrat de location pour un centre de données de 5 000 pieds carrés. L'entreprise maintiendra sa présence à Salt Lake City en louant de nouveaux bureaux mieux adaptés à ses besoins commerciaux actuels.
La vente s'inscrit dans le plan stratégique de Beyond pour réduire la dette et les coûts fixes, l'entreprise ayant atteint près de 90 % de la réduction annuelle des coûts fixes de 65 millions de dollars visée. Les fonds provenant de la vente seront utilisés pour rembourser entièrement les obligations hypothécaires associées, tandis que les fonds restants seront affectés aux opérations.
Beyond, Inc. (NYSE:BYON) hat den Verkauf seiner Unternehmenszentrale in Midvale, Utah, am 20. Dezember 2024 an den Salt Lake County abgeschlossen. Die Transaktion umfasst eine Rückmietvereinbarung für ein 5.000 Quadratfuß großes Rechenzentrum. Das Unternehmen wird seine Präsenz in Salt Lake City aufrechterhalten, indem es neue Büroräume mietet, die besser zu seinen aktuellen Geschäftsanforderungen passen.
Der Verkauf steht im Einklang mit dem strategischen Plan von Beyond zur Reduzierung von Schulden und Fixkosten, da das Unternehmen fast 90 % der angestrebten 65 Millionen Dollar jährlichen Fixkostenreduzierung erreicht hat. Die Erlöse werden verwendet, um die damit verbundenen Hypothekenschulden vollständig zu begleichen, während die verbleibenden Mittel für den Betrieb vorgesehen sind.
- Achievement of nearly 90% of $65M annualized fixed cost reduction target
- Strategic sale of headquarters to reduce debt and fixed costs
- Proceeds will eliminate mortgage obligations
- Maintained essential data center access through leaseback arrangement
- Meaningful improvement in business KPIs reported for December
- Additional capital required for new lease obligations in Salt Lake City
- Reduction in owned real estate assets
Insights
The headquarters sale marks a pivotal step in Beyond's strategic restructuring, with notable financial implications. The company is nearing completion of its
The move to lease new office space aligns with modern corporate real estate trends, converting fixed assets into operational flexibility. The debt reduction strategy through mortgage payoff will improve the balance sheet structure and free up capital. For a company with a market cap of
The sequential improvement in business KPIs during December, coupled with this cost-reduction execution, suggests a well-orchestrated turnaround strategy. The focus on maintaining operational presence while reducing fixed costs indicates a balanced approach to restructuring.
This transaction exemplifies the broader shift in corporate real estate strategy post-pandemic. The sale-leaseback structure for the data center space shows sophisticated deal engineering, protecting critical infrastructure while monetizing excess real estate. The decision to move to leased space in Salt Lake City demonstrates adaptation to hybrid work models and changing space utilization patterns.
The timing of this sale aligns with market dynamics where institutional buyers are actively seeking quality corporate assets in secondary markets. Salt Lake County's acquisition suggests strong local market fundamentals and potential alternative use value for the property. The retention of data center space through leaseback maintains operational continuity while optimizing space efficiency - a important consideration in modern corporate real estate strategy.
— Company On Track to Deliver
— Company to Maintain Presence in Salt Lake City —
MIDVALE, Utah, Dec. 20, 2024 (GLOBE NEWSWIRE) -- Beyond, Inc. (NYSE:BYON), owner of Bed Bath & Beyond, Overstock, Zulily, and other online retail brands designed to unlock your family’s and home’s potential (“the Company”), today announced that it has completed the transaction with Salt Lake County to sell the Company’s corporate headquarters located in Midvale, Utah on December 20, 2024. The sale of the corporate headquarters aligns with the Company’s strategic plan to reduce debt and fixed costs, free up capital for new growth opportunities, and generate cash flow.
“I am pleased to report we have delivered almost
The sale of the corporate headquarters includes a lease-back to the Company, by which the Company can continue to use and occupy a 5,000 square foot data center. The Company intends to use the proceeds from the sale to fully pay off its associated mortgage obligations, with the remainder to fund operations.
About Beyond
Beyond, Inc. (NYSE:BYON), based in Midvale, Utah, is an ecommerce expert with a singular focus: connecting consumers with products and services that unlock their families’ and homes’ potential. The Company owns Overstock, Bed Bath & Beyond, Baby & Beyond, Zulily, and other related brands and associated intellectual property. Its suite of online shopping brands features millions of products for various life stages that millions of customers visit each month. Beyond regularly posts information about the Company and other related matters on the Newsroom and Investor Relations pages on its website, Beyond.com.
Beyond, Bed Bath & Beyond, Welcome Rewards, Zulily, Overstock and Backyard are trademarks of Beyond, Inc. Other service marks, trademarks and trade names which may be referred to herein are the property of their respective owners.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact, including but not limited to statements regarding the timing and use of lease-back, and our use of proceeds from the sale of our corporate headquarters. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 23, 2024, on Form 10-Q for the quarter ended September 30, 2024, filed with the SEC on October 25, 2024, and in our subsequent filings with the SEC.
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FAQ
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