Bed Bath & Beyond Inc. Announces Completion of Public Equity Offering and Provides Strategic Update

Net Proceeds of Offering to Immediately Repay ABL Facility
Default Under Credit Agreement Waived
Company's Turnaround Plans to be Further Supported by Realigned Store Footprint and Cost Structure

UNION, N.J., Feb. 7, 2023 /PRNewswire/ -- Bed Bath & Beyond Inc. (Nasdaq: BBBY) today announced the closing of an underwritten public offering (the "Offering") of (i) shares of the Company's Series A convertible preferred stock (the "Series A Convertible Preferred Stock"), (ii) warrants to purchase shares of Series A Convertible Preferred Stock, and (iii) warrants to purchase the Company's common stock. The Company received initial gross proceeds of approximately $225 million in the Offering and expects to receive an additional $800 million of gross proceeds in future installments, assuming certain conditions are met. The Company can provide no assurance that it will receive any or all of the future installments.

https://bedbathandbeyond.gcs-web.com/news-releases/news-release-details/bed-bath-beyond-inc-announces-completion-public-equity-offering

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So, in effect, they are using a Mastercard to pay interest on the Visa bill.

But hey, look at what they told Bloomburg! They're closing stores for YOU. And they signed on with Hudson Bay via a guilt trip that told HB that THEY will be responsible for losing 30K jobs if the place goes under.

And HB is a loan shark lender with pieces of 34 companies currently.

The responsibility is with corporate. Who could blame other lenders for passing on this default ridden company?

Closer to 50.

“Wasn’t the Bed Bath store count at around 650 before they announced the closure of another 87? If they’re truly looking to scale that down to 360, that’s another 200 stores.“
650 minus the 87 plus the 150 announced before you are at 413 stores currently going forward. Meaning 20-40 still are on the chopping block to meet the 360ish goal.

Just kicking the can down the road. Quarter end BB&B had a little over $100M cash and approximately $2.5B in current liabilities. A cash infusion of $1B just pushes out the bankruptcy date and that is if anyone is willing to pay. Step right up and take a chance. This game is referred to as the BB&B keep the doors open long enough to pay executive bonuses scheme. Anyone would be crazy to pass up the opportunity to play for the gold.

All smoke and mirrors! Maybe they could hire David Copperfield to work some real magic! Hey Rocky watch me pull a rabbit from this hat! Sue no matter what deal you work up with your wand! You ruined peoples lives that gave BBB everything for years! How about you make it right with them!

AKA, bankruptcy is still around the corner.

It came out today in the national media that they are going to close another 150 stores in addition to all the other previously announced closures. They didn't specify which ones.

Translation: they will still have stores. Just not the one you work at!

Wasn’t the Bed Bath store count at around 650 before they announced the closure of another 87? If they’re truly looking to scale that down to 360, that’s another 200 stores.

It'll be more than one wave eventually. Come back here in 3 months and talk about that.

"One more wave to go."

With their proven previous foresight that seems subject to possible changes.
"In early January, the picture looked far different with plans to close 130 stores out of a total of 949 stores..."

Operational goal of approximately 360 Bed Bath and Beyond’s and 120 Buy buy babies going forward.
So far active stores sitting at over 400 locations meaning 20-40 stores still on the chopping block.
One more wave to go.

Thread regarding Bed Bath & Beyond layoffs

Bed Bath & Beyond Inc. Announces Completion of Public Equity Offering and Provides Strategic Update

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