![]() ![]() If sold at the proposed max price of $9.88 per share and after subtracting Jefferies' 3% commission, BBBY would net $115 million. Common stock outstanding if this offering had occurred immediately would be 91,779,205 shares, or 13% dilution. BBBY also proposed an at-the-market offering for up to 12 million shares of common stock for general corporate purposes, including repaying its debt, future stock repurchases, and financing acquisitions. In addition to the strategic update, the company is now looking at finalizing more than $500 million of new financing, including a $130 million expansion of its asset-backed loan (or ABL) maturing in August 2026, and a $375 million first-in-last-out (or FILO) facility maturing in August 2027. All are industry veterans, yet it remains to be seen if they can better execute the plan. Both report to Sue Gove, Director & Interim CEO. Meanwhile, Patty Wu has been promoted to the counterpart position on the buybuy Baby side, up from SVP and general manager. ![]() ![]() Mara Sirhal, General Manager for Harmon and promoted in Q1 to Chief Merchandising Officer for the Bed Bath & Beyond banner, has been appointed Executive Vice President and brand president for Bed Bath & Beyond. The responsibilities of overseeing merchandising, planning and allocation, brand marketing and stores now fall on two newly created leadership roles. Tritton and Hartmann were the main executives in charge of daily operations for the past couple of years, and the failure to turn around the company's fortunes for whatever reason ultimately rested on their shoulders. Hartmann had been COO and also President of BABY since May 18, 2020, having been recruited after Mark Tritton was appointed President and CEO on November 4, 2019. While still searching for a permanent Chief Executive Officer (or CEO), BBBY has eliminated the roles of Chief Operating Officer (John Hartmann) and Chief Stores Officer (Gregg Melnick). BBBY is also discontinuing 3 of the 9 owned brands and will feature 20pp more of the national brands customers prefer buying. ![]() The company has identified and began the process of closing approximately 150 lower-producing Bed Bath & Beyond banner stores and concurrently reducing their force by approximately 20% across corporate and supply chains. With bankruptcy out of the way, BBBY's price floor rises, while the upside is way higher on any news or even rumors regarding further financial assistance or the disposition of its BABY subsidiary.Īugust 31 :īBBY came out on Wednesday with a strategic and business update to drive growth and profitability and improve its balance sheet and cash flows.Īt the end of May 2022, the company had 769 Bed Bath & Beyond stores, 135 buybuy BABY stores, as well as 51 stores in 6 states under the names Harmon, Harmon Face Values or Face Values focusing on health, beauty and consumables business. Short interest had broken and stayed over the 40% level the last three reporting periods and led to frequent and sometimes daily wide fluctuations in share price, but currently the market cap is under $1 billion. Rising debt and the threat of imminent bankruptcy led to an increase in short interest that pushed BBBY into meme stock notoriety. ( BBBY) is an omnichannel retailer that operates a chain of 955 retail stores and an eCommerce platform focused on household products. ![]()
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