Cash-starved Bed, Bath & Beyond, which is scrambling to avoid bankruptcy, announced a $120 million lifeline to help it stock near-empty shelves.
One reason that the chain's sales have fallen and losses have mounted is that the company doesn't have the funds needed to buy inventory in order to stock shelves.
The $120 million in financial help is specifically designed to address the need to stock those shelves and attract shoppers back to something other than the"store closing" sales at the locations slated for closure. The agreement"enables us to increase our inventory position in top items that customers are buying and improve the customer experience," said a statement from Gove Wednesday."This ... solution can allow us to strengthen merchandise availability and better fulfill demand."
"The support we are seeing from our top supplier partners demonstrates the staying power of our brands and our potential for sustainable improvement," Gove said in her statement."We know the performance and value of our business today is not representative of our full potential."
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