A shopping cart at a Bed Bath & Beyond store in New York, on June 29, 2022.ANDREW KELLY/Reuters
Bed Bath & Beyond Inc BBBY-Q said on Wednesday it had raised another $135-million in an equity offering and was in the process of rebuilding its business after teetering on the brink of bankruptcy.
The retailer has so far raised $360-million out of the roughly $1-billion that it planned in a complex deal of preferred stock and warrant offerings.
“Over the past month, we have been rebuilding our financial and operational positioning to execute our customer-focused turnaround plans,” Chief Executive Sue Gove said in a statement.
The Union, New Jersey-based home goods retailer has engaged with suppliers to improve inventory levels, closed stores to better align with customer demand and paid off outstanding interest payments, Gove said.
Bed Bath & Beyond shot to popularity in the 1990s as a go-to shopping destination for couples making wedding registries and planning for new babies, but demand has wilted in recent years as its merchandising strategy to sell more store-branded products failed.
In January, the company raised doubts about its ability to continue as a going concern, just months after it announced job cuts and 150 store closures.