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Mattress Bathtub & Past
has efficiently closed its fairness providing, the corporate mentioned Tuesday.
Mattress Bathtub (ticker: BBBY) obtained preliminary proceeds of roughly $225 million within the providing and expects to obtain an extra $800 million in future installments. The corporate first introduced the providing on Monday.
The proceeds shall be used instantly to repay excellent loans, the corporate mentioned. The provide’s completion signifies that Mattress Bathtub can enter into a brand new settlement with collectors, which waives any excellent defaults and rescinds requests for the corporate to repay the loans in full instantly.
“This transformative transaction will present runway to execute our turnaround plan,” mentioned CEO Sue Gove in an announcement.
As a part of the plan, Mattress Bathtub is closing shops, investing in stock, and enhancing its provide chain. On Monday, Mattress Bathtub mentioned it was closing 150 shops along with beforehand introduced retailer closures. The corporate has an final purpose of working roughly 360 shops and 120 buybuy Child shops in its most worthwhile areas, Mattress Bathtub mentioned on Tuesday.
Shares of Mattress Bathtub rose 1% to $3.04 in after-hour buying and selling.
Write to Sabrina Escobar at [email protected]
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