Bed Bath & Beyond Inc. said it’s close to securing financing and is putting in place a new business strategy to reduce costs as the troubled retailer tries to convince investors, vendors and customers that it has a credible survival plan.
The home-goods retailer said it has received commitments for a new $375 million “first-in-last-out” facility with Sixth Street Partners and around $130 million to expand an asset-based revolving credit facility, which is led by JPMorgan Chase. The company said the loan deal hasn’t closed yet but is expected to soon.
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