Struggling retailer Bed Bath & Beyond secured more than $500 million in new financing, including a newly expanded $1.13 billion asset-backed revolving credit facility and new $375 million “first-in-last out” facility (FILO).
The ABL facility was led by J.P. Morgan and Sixth Street Partners serving as the lender and agent for the FILO facility.
“Together with Sixth Street, J.P. Morgan and our banking partners, this new financing will bolter our liquidity and strengthen our balance sheet,” said Sue Gove, director and interim CEO, said in a statement.
The enhanced liquidity will be used to support strategic priorities to drive traffic and sales and gain back customer relevance, including rebalancing the assortment and inventory position, officials at the NASDAQ-traded company said.
