Bed Bath & Beyond Survival Plan Sends Harsh Wake-Up to Meme Fans
- Retailer says it’s nearing $375 million loan with Sixth Street
- Company is also closing some of its stores to reduce costs
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Bed Bath & Beyond Inc. unveiled a turnaround plan that envisions new financing, sweeping store closings and the sale of as many as 12 million shares of stock, delivering another jolt to the investors who had piled into the retailer even as its troubles mounted.
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.