By Connor Hart
Beyond said it terminated its $40 million investment deal with The Container Store.
The investment by Beyond, structured as a share-purchase agreement and initially announced in October, would have returned some Bed Bath & Beyond products to physical retail locations.
The deal also represented a financial lifeline for The Container Store, which has grappled with dwindling sales of its general merchandise products and steep quarterly losses.
The company last month filed for bankruptcy. It said at the time that at least 90% of its term loan lenders had agreed to support a deal that will give it $40 million in new money financing, at least $45 million in deleveraging, "substantial" debt service relief and what it described as "material maturity runway."
The protection filing came shortly after Beyond expressed concerns about The Container Store's ability to secure new financing terms from lenders, prompting the specialty retailer to respond and say it didn't expect its deal with Beyond to close.
Shares of Beyond rose 1.8%, to $8.44, in after-hours trading on Friday. The New York Stock Exchange delisted The Container Stores shares last month.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
January 31, 2025 18:46 ET (23:46 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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