Bed Bath & Beyond selling more stock
Bed Bath & Beyond is looking to sell more stock, using some of the proceeds to help with its turnaround initiative.
The home goods retailer on Friday said it filed a prospectus supplement with the U.S. Securities and Exchange Commission to issue additional shares of its common stock with a maximum aggregate offering amount of up to $150 million. The shares will be listed under the company’s existing at-the-market offering program.
Proceeds from the sale of shares will be used to rebalance the company’s assortment and inventory and pay down debt. Bed Bath & Beyond is in the middle of a turnaround effort that includes a merchandising overhaul. The chain is emphasizing national brands as it pulls back from private labels, with a third of its owned brands being eliminated.
On Oct. 26, Bed Bath & Beyond named Sue Gove as president and CEO. Gove, a company board member, has served as interim chief June 2022, after former CEO Mark Tritton was pushed out.
Earlier this year, Bed Bath & Beyond sold 12 million shares, aggregate gross proceeds of about $75 million.
As of late August, Bed Bath & Beyond’s long-term was $1.730 billion.