MW The Container Store's stock slides 11% after investment deal with Beyond Inc. falls through
The Container Store Group Inc.'s stock (TCS) tumbled 11% in premarket trade Thursday, after the the struggling storage retail chain said the $40 million investment it agreed with home-goods seller Beyond Inc. $(BYON)$, the company that owns Bed Bath & Beyond and Overstock, has fallen through. Beyond said late Wednesday it cannot move ahead with the deal because The Container Store has been unable to secure new financing on terms commercially acceptable to Beyond, a condition to closing. "When we signed the Purchase Agreement, we were optimistic that the Container Store would be able to secure adequate financing to support the business going forward," said Marcus Lemonis, executive chairman of Beyond, Inc., in a statement. "While we continue to believe in The Container Store's brand and business fundamentals, the proposed financing terms we have reviewed to date fall short of what we believe is necessary to complete the transaction." Beyond's stock was up 1%.
-Ciara Linnane
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November 21, 2024 08:59 ET (13:59 GMT)
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