Home goods retailer Bed Bath & Beyond Inc. said it raised an additional $135 million from a public equity offering announced in February, WSJPro Bankruptcy reported. The latest capital raise is part of the equity offering the Union, N.J.-based company unveiled last month, which helped pull it back from the brink of bankruptcy. As of Tuesday, the retailer had raised a total of $360 million from the equity offering, including the initial $225 million it received in February, the company said. The equity offering anchored by investor Hudson Bay Capital Management allows Bed Bath & Beyond to raise a total of more than $1 billion in installments as long as certain conditions are met. The company has used proceeds from the offering to pay down revolving credit lines and to create liquidity to support its operations. “Over the past month we have been rebuilding our financial and operational positioning to execute our customer-focused turnaround plans,” Chief Executive Sue Gove said. Last week the retailer also said it made up missed interest payments on notes. Since closing the equity offering, the company has engaged with suppliers to improve its inventory position, Ms. Gove said. The equity deal the company unveiled last month is complicated, but it essentially buys time for Bed Bath & Beyond to figure out its next steps. The equity raise allowed the retailer to avert an imminent bankruptcy filing.
