Embattled home goods retailer Bed Bath & Beyond Inc.
BBBY,
has announced a new vendor consignment program with ReStore Capital as the company attempts to boost its inventory. Under the terms of the third-party agreement, ReStore Capital will purchase up to $120 million, on a revolving basis at any given time, of pre-arranged merchandise from Bed Bath & Beyond’s key suppliers. The deal will supplement inventory levels already sold at Bed Bath & Beyond and buybuy BABY, according to a statement released by the retailer early Wednesday. “We remain relentless in executing plans that can help us overcome near-term operational and financial challenges,” said Bed Bath & Beyond CEO Sue Gove, in the statement. “Our new vendor consignment program enables us to increase our inventory position in top items that customers are buying and improve the customer experience.” Bed Bath & Beyond’s stock, which is down 85.9% in 2023, rose 2% premarket Wednesday. It has been a tumultuous few months for Bed Bath & Beyond, which announced an equity offering earlier this year in an attempt to stave off bankruptcy. The company’s stock sank to a record low last week after Bed Bath & Beyond gave a sales warning.
