US' Bed Bath & Beyond announces completion of financing agreements

The enhanced liquidity is expected to be utilised to support immediate strategic priorities to drive traffic and sales and gain back customer relevance, including rebalancing the assortment and inventory position, the company said in a media release.

The refinancing of the ABL facility was led by J.P. Morgan, and Sixth Street Partners is serving as the Lender and Agent for the company's FILO facility.

Sue Gove, director and interim chief executive officer, commented, “Together with Sixth Street, J.P. Morgan and our banking partners, this new financing will bolster our liquidity and strengthen our balance sheet.  We are pleased to announce this critical step in moving Bed Bath & Beyond in a positive direction by strengthening our financial positioning. We are committed to utilising our resources to better serve our customers, drive growth, and recapture market share to deliver returns for all stakeholders.”

Fibre2Fashion News Desk (KD)