Bed Bath & Beyond unveiled a turnaround plan that envisions new financing, sweeping store closings and the sale of as many as 12 million shares of stock,...
said in a statement. The company said it plans to use the proceeds from the first-in-last-out facility to help pay down its asset-backed facility.
While comparable sales at the Bed Bath & Beyond brand plunged by 27% in the quarter that ended in May, comparable sales at Buybuy Baby fell by just mid-single digits. Former CEO Mark Tritton boosted the company’s private-label products while trimming its offering of well-known brand names and also cut back on coupons, among other changes. But his attempt at a turnaround was unsuccessful.
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