Daily Discussion Thread | January 18, 2023

RECENT EVENTS

On 1/10/23 reported their earnings. BBBY reported a Net Sales of $1.259 billion declined 33% YoY, with the buybuyBABY segment declining in the low 20% range, and cash flow decreased by approximately $307.6 million. Liquidity sits at $0.5B, including the company's ABL facility and FILO loan less borrowings of $550m.
Company terminated the bond exchange on 1/5/23, and filed a NT 10Q stating they will file their 10-Q (quarterly report) late.
On 12/12/2023 the Company appointed David Kastin as its new Chief Legal Officer.
Sue Gove was appointed to the position of CEO on a permanent basis on 10/24/22. Before that, new board members were voted in during 7/15/22 Annual Shareholder meeting (3 of 10 seated by RC Ventures). Since then, one of those newly appointed boardmembers, Benjamin Rosenzweig, left the company on 12/20/23.
On 10/18/2022, an ATM share offering of up to $150M was authorized after completion of a 12M share offering which raised $75M. Company will use the proceeds to "drive immediate strategic priorities such as rebalancing our assortment and inventory, and addressing our debt."