Bed Bath & Beyond, an omnichannel retailer of domestics merchandise, has announced the further strengthening of its liquidity position by executing an $850 million three-year secured asset-based revolving credit facility (ABL Facility) with syndicate of banks. ABL Facility expires in June 2023 replacing company’s existing unsecured revolving credit facility.
Bed Bath & Beyond, an omnichannel retailer of domestics merchandise, has announced the further strengthening of its liquidity position by executing an $850 million three-year secured asset-based revolving credit facility (ABL Facility) with syndicate of banks. ABL Facility expires in June 2023 replacing company's existing unsecured revolving credit facility.#
“An important focus as we transform our company is to ensure liquidity and to improve cash flow generation. The company went into the Covid-19 pandemic with a healthy cash position. This new ABL facility, in combination with actions being taken to drive cash flow, are enabling a more robust balance sheet,” Gustavo Arnal, chief financial officer & treasurer at Bed Bath & Beyond, said in a press release.
Bed Bath & Beyond, an omnichannel retailer of domestics merchandise, has announced the further strengthening of its liquidity position by executing an $850 million three-year secured asset-based revolving credit facility (ABL Facility) with syndicate of banks. ABL Facility expires in June 2023 replacing company's existing unsecured revolving credit facility.#
The company’s Covid-19 response has also included aggressive and thoughtful steps to safeguard its people and communities while continuing to serve customers. During this time, the company has rapidly evolved to meet the changing needs of its customers by leveraging its omni-channel network and accelerating the introduction of Buy-Online-Pickup-In Store (BOPIS) and contactless Curbside Pickup services. These new services helped support the significant increase in demand across the company’s digital channels while the majority of stores remained closed.
Bed Bath & Beyond, an omnichannel retailer of domestics merchandise, has announced the further strengthening of its liquidity position by executing an $850 million three-year secured asset-based revolving credit facility (ABL Facility) with syndicate of banks. ABL Facility expires in June 2023 replacing company's existing unsecured revolving credit facility.#
In late May 2020, the company began taking measured steps to re-open stores to the public, including the launch of a store safety plan to help ensure customers can shop in its stores confidently. The company expects approximately 95 per cent of its total store fleet to re-open by the end of this week and nearly all stores to re-open by July 2020, subject to state and local regulations. Additionally, BOPIS and contactless curbside pickup services will be expanded to cover the vast majority of stores.
Bed Bath & Beyond, an omnichannel retailer of domestics merchandise, has announced the further strengthening of its liquidity position by executing an $850 million three-year secured asset-based revolving credit facility (ABL Facility) with syndicate of banks. ABL Facility expires in June 2023 replacing company's existing unsecured revolving credit facility.#
“We have been delighted to welcome our customers back as we re-opened hundreds of stores in the last few weeks. At the same time, we are pleased with the response from our loyal customers to our new BOPIS and contactless curbside pickup shopping experience. These are important, targeted investments that strengthen our service offering and competitive position for the long term,” Mark Tritton, president & CEO at Bed Bath & Beyond, said.
Fibre2Fashion News Desk (JL)