Increases Merchandise Availability and Further
Supports Supplier Partnerships
UNION,
N.J., April 5, 2023 /PRNewswire/ -- Bed
Bath & Beyond Inc. (Nasdaq: BBBY) (the "Company") announced
today the launch of a new vendor consignment program with ReStore
Capital, a Hilco Global company. Under this new, third-party
agreement, ReStore Capital will purchase up to $120 million, on a revolving basis at any given
time, of pre-arranged merchandise from the Company's key suppliers
to supplement inventory levels already sold at Bed Bath &
Beyond and buybuy BABY.
Sue Gove, President & CEO of
Bed Bath & Beyond Inc. said, "We remain relentless in executing
plans that can help us overcome near-term operational and financial
challenges. Our new vendor consignment program enables us to
increase our inventory position in top items that customers are
buying and improve the customer experience. This
capital-light solution can allow us to strengthen merchandise
availability and better fulfill demand."
Ms. Gove continued, "The support we are seeing from our top
supplier partners demonstrates the staying power of our brands and
our potential for sustainable improvement. We know the
performance and value of our business today is not representative
of our full potential. Our entire organization is focused on
expanding and accelerating improvement. We are doing what we
must to sustain our business immediately and unlock our true value
over the long-term – for all stakeholders. I want to
acknowledge and express our gratitude for our suppliers,
associates, business partners such as Restore Capital, and our
shareholders who have been instrumental in fueling our
determination for a successful turnaround."
ReStore Capital (www.restore-cap.com) is a credit-focused
investment manager providing creative financing solutions in the
consumer, retail, commercial, wholesale and manufacturing
industries. As a Hilco Global company, Restore Capital
leverages decades of Hilco's asset valuation experience, the
strength of its team and its long-term relationships throughout the
broader investment community to provide better capital
solutions.
About the Company
Bed Bath & Beyond Inc. and subsidiaries (the "Company") is
an omnichannel retailer that makes it easy for our customers to
feel at home. The Company sells a wide assortment of merchandise
primarily in the Home and Baby markets. Additionally, the Company
is a partner in a joint venture which operates retail stores in
Mexico under the name Bed Bath
& Beyond.
The Company operates websites at bedbathandbeyond.com and
buybuybaby.com.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/bed-bath--beyond-inc-launches-vendor-consignment-program-301790644.html
SOURCE Bed Bath & Beyond
