Aug 31 (Reuters) - Bed Bath & Beyond Inc :
* . ANNOUNCES STRATEGIC CHANGES TO STRENGTHEN ITS FINANCIAL POSITIONING, DRIVE GROWTH AND BETTER SERVE CUSTOMERS
* SECURED FINANCING COMMITMENTS FOR MORE THAN $500 MILLION OF NEW FINANCING
* ANNOUNCED IT HAS SECURED FINANCING COMMITMENTS FOR MORE THAN $500 MILLION OF NEW FINANCING
* IN FISCAL 2022, PLANNED CAPITAL EXPENDITURES ARE NOW FORECASTED TO BE $250 MILLION
* HAS BEGUN IMPLEMENTING SIGNIFICANT, ADDITIONAL SG&A REDUCTIONS TO RIGHT-SIZE ITS COST STRUCTURE
* BED BATH & BEYOND - SECURED FINANCING COMMITMENTS INCLUDING ITS NEWLY EXPANDED $1.13 BILLION ABL FACILITY AND A NEW $375 MILLION FILO FACILITY
* COST OPTIMIZATION PLANS INCLUDE A REDUCTION IN FORCE, INCLUDING APPROXIMATELY 20% ACROSS CORPORATE AND SUPPLY CHAIN
* IDENTIFIED AND COMMENCED CLOSURE OF APPROXIMATELY 150 LOWER-PRODUCING BED BATH & BEYOND BANNER STORES
* EXPECTS ACTIONS ANNOUNCED TODAY TO REDUCE SG&A BY APPROXIMATELY $250 MILLION IN FISCAL 2022
* HAS FURTHER REDUCED ITS PLAN FOR CAPITAL SPENDING
* IN FISCAL 2022, PLANNED CAPITAL EXPENDITURES ARE NOW FORECASTED TO BE $250 MILLION
* WORKING EXPEDITIOUSLY TO INCREASE ITS NATIONAL BRANDS INVENTORY WHERE POSSIBLE
* WILL INCREASE INVENTORY PENETRATION BY 20 PERCENTAGE POINTS OVER LONG TERM
* BED BATH & BEYOND- CONTINUES TO EVALUATE PORTFOLIO & LEASES, IN ADDITION TO STAFFING, TO ENSURE ALIGNMENT WITH CUSTOMER DEMAND AND GO-FORWARD STRATEGY
* BED BATH & BEYOND - WILL BE EXITING A THIRD OF ITS OWNED BRANDS BY DISCONTINUING THREE OF ITS NINE LABELS (HAVEN™, WILD SAGE™ AND STUDIO 3B™)
* BED BATH & BEYOND - BREADTH AND DEPTH OF INVENTORY ACROSS COMPANY'S SIX REMAINING OWNED BRANDS WILL BE SUBSTANTIALLY REDUCED TO 20 PERCENTAGE POINTS
* BED BATH & BEYOND - COMPLETED A COMPREHENSIVE REVIEW OF INHERENT VALUE OF COMPANY'S BUYBUY BABY BANNER, WHICH CONFIRMED BANNER'S STRATEGIC POTENTIAL
* SEES Q2 COMPARABLE SALES DECLINE OF APPROXIMATELY 26% COMPARED TO Q2 OF FISCAL 2021
* BED BATH & BEYOND - BOARD BELIEVES , AT THIS TIME, BUYBUY BABY WILL DELIVER GREATER VALUE FOR SHAREHOLDERS AS PART OF BED BATH & BEYOND INC. PORTFOLIO
* SEES COMPARABLE SALES DECLINE IN 20% RANGE DRIVEN BY IMPROVEMENTS IN SECOND HALF OF FISCAL 2022 VERSUS FIRST HALF OF FISCAL 2022
* BED BATH & BEYOND - BOARD OF DIRECTORS' STRATEGY COMMITTEE TO CONTINUE TO MONITOR BUYBUY BABY BUSINESS AS IT PRESERVES OPTIONALITY, FUTURE VALUE CREATION
* MARA SIRHAL HAS BEEN APPOINTED TO EXECUTIVE VICE PRESIDENT AND BRAND PRESIDENT OF BED BATH & BEYOND
* PATTY WU HAS BEEN PROMOTED TO EXECUTIVE VICE PRESIDENT AND BRAND PRESIDENT OF BUYBUY BABY
* HAS ELIMINATED CHIEF OPERATING OFFICER AND CHIEF STORES OFFICER ROLES
* JOHN HARTMANN AND GREGG MELNICK WILL BE DEPARTING COMPANY
* BED BATH & BEYOND - FILED FORM S-3 REGISTRATION STATEMENT AS IT PREPARES FOR POTENTIAL LAUNCH OF ATM PROGRAM FOR UP TO 12 MILLION SHARES OF COMMON STOCK
* Q2 REVENUE VIEW $1.50 BILLION -- REFINITIV IBES DATA
* FY2022 REVENUE VIEW $7.88 BILLION -- REFINITIV IBES DATA
* SEES Q2 NET SALES OF APPROXIMATELY $1.45 BILLION
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