Bed Bath & Beyond’s new turnaround plan involves store closings, job reductions and a pullback from the private label brands it has emphasized in recent years.
The embattled home goods chain also has secured more than $500 million in new financing to shore up its business ahead of the holiday selling season. The financing includes a $375 million loan through Sixth Street Partners and the newly expanded $1.13 billion asset-backed revolving credit facility
Bed Bath & Beyond detailed the moves in a strategic update on its business, in which it also said that COO John Hartmann and chief stores officer Gregg Melnick will be leaving the company as their roles are being eliminated. (In June, following a disastrous first quarter, CEO Mark Tritton and chief merchandising officer Joe Hartsig were ousted by the board.)Chain Store Age