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.
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SOURCE Bed Bath & Beyond
INVESTORS: Susie A. Kim, IR@bedbath.com, MEDIA: Julie Strider, Media@bedbath.com