The lifeline comes as Bed Bath & Beyond's stock has seen volatile swings fueled by buying from retail traders and the dumping of an 11.8% stake held by investor Ryan Cohen's RC Ventures.
with interim CEO Sue Gove and discontinued Wild Sage, a private brand of bedding, decor and furniture launched in June 2021.
Last week, Bed Bath & Beyond said it has been "working expeditiously" over the past several weeks with external financial advisers and lenders to bolster its balance sheet. In addition, Bed Bath & Beyond said in June it had retained Berkeley Research Group , a leading retail advisory firm, to focus on "cash, inventory and balance sheet optimization.
Bed Bath & Beyond's total liquidity was approximately $0.9 billion, while cash, cash equivalents, restricted cash and investments totaled approximately $0.2 billion at the end of the quarter on May 28. The company burned through more than $500 million in cash during the quarter.Moody's downgraded the company's credit rating in July. S&P followed in August.
Bed Bath & Beyond plans to provide an update on efforts to strengthen its balance sheet at the end of the month.
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