2/7, 10:34 PM (Source: TeleTrader)
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Bed Bath & Beyond gets $225M in share offering

Bed Bath & Beyond Inc. revealed on Tuesday that it received $225 million via the share offering it announced on February 6. Future installments are expected to bring in another $800 million, but the company said it cannot offer guarantees for its projection.

The net proceeds from the share offering "will be used immediately to repay outstanding borrowings," according to the retailer that also warned again about filing for bankruptcy protection if the offering does not succeed in adding all expected funds.

"This transformative transaction will provide runway to execute our turnaround plan... As we make important strategic and operational changes, we will continue to take disciplined steps to enhance our cost base and improve our financial position," President and CEO Sue Gove noted. Company shares lost 48.63% at the close on Tuesday but increased by 4.98% after the latest announcement was made in after-hours trading.

Baha Breaking News (BBN) / MS