BBBY - Bed Bath & Beyond to shut down some stores operate 360 stores under namesake banner

• Bed Bath & Beyond ( NASDAQ: BBBY ) said Tuesday it expects to close some stores under its namesake banner, and anticipates to ultimately operate about 360 stores, and about 120 buybuy BABY stores, across the U.S.
• The company said it has identified "significant opportunities" across its infrastructure and operations, and supply chain, technology, expense structure, and business processes will continue to be streamlined.
• BBBY also said that it closed an underwritten public offering of $225 million, and expects to receive an additional $800 million in future, if certain conditions are met.
• The net proceeds from this transaction will be used immediately to repay outstanding borrowings under the its credit facility, thereby fulfilling conditions set forth in an amendment to the credit facility waiving defaults thereunder that was entered into concurrently with the initial closing of the offering.
• The company expects to reborrow loans under its amended credit facility to enable its strategic initiatives in fiscal 2023, which will be further supported by a realigned store footprint and cost structure.

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