Bed Bath & Beyond Inc. (Nasdaq: BBBY) announced today that it has completed a sale-leaseback transaction with an affiliate of Oak Street Real Estate Capital, generating over $250 million in net proceeds.

"We are pleased to complete this sale-leaseback transaction," said Mark Tritton, Bed Bath & Beyond's President & Chief Executive Officer. "This marks the first step toward unlocking valuable capital in our business that can be put to work to amplify our plans to build a stronger, more efficient foundation to support revenue growth, financial stability and enhance shareholder value."

The properties sold represent approximately 2.1 million square feet of commercial space, including retail stores, a distribution facility and office space. Bed Bath & Beyond will continue to occupy these properties pursuant to long-term leases.

As previously announced, Bed Bath & Beyond, together with its outside financial advisors, is reviewing its portfolio of retail concepts and owned real estate to optimize its asset base and enhance shareholder value. In connection with this review, the Company continues to evaluate certain remaining owned real estate.

The proceeds from this transaction may be used to reinvest in the Company's core business operations/ongoing business transformation efforts to drive growth, fund share repurchases, reduce the Company's outstanding debt, or some combination of these options.

About the Company

Bed Bath & Beyond Inc. and subsidiaries (the "Company") is an omnichannel retailer that is the trusted expert for the home and heart-felt life events. The Company sells a wide assortment of domestics merchandise and home furnishings. The Company also provides a variety of textile products, amenities and other goods to institutional customers in the hospitality, cruise line, healthcare and other industries. Additionally, the Company is a partner in a joint venture which operates retail stores in Mexico under the name Bed Bath & Beyond.