Beyond, Inc. sells its Midvale headquarters, achieving significant cost reductions and leasing new office space in Salt Lake City.
Quiver AI Summary
Beyond, Inc. has completed the sale of its corporate headquarters in Midvale, Utah, to Salt Lake County as part of its strategy to reduce debt and fixed costs, aiming for a $65 million annualized reduction. The company has achieved nearly 90% of this target and will move to new office space in Salt Lake City that better fits its needs while maintaining a lease-back arrangement for a 5,000 square foot data center. Proceeds from the sale will be used to pay off mortgage obligations and support operations. Beyond, Inc. manages several online retail brands, including Bed Bath & Beyond and Overstock, focusing on providing products that enhance family and home life.
Potential Positives
- Company on track to achieve $65 million annualized fixed cost reduction, indicating effective cost management and financial health.
- Successful completion of the corporate headquarters sale allows for debt reduction and strategic reallocation of capital towards growth opportunities.
- Lease-back agreement ensures continued operational stability while reducing fixed expenses associated with the corporate headquarters.
- Positive progress reported in critical business KPIs, demonstrating improvements in operational performance and management effectiveness.
Potential Negatives
- Sale of corporate headquarters may indicate ongoing financial instability, as the company is selling significant assets to reduce fixed costs and debt.
- Dependence on lease-back arrangement could limit financial flexibility and indicate potential future struggles with cash flow.
- Announcement of substantial cost reduction efforts may raise concerns among investors about the company's long-term viability and overall financial health.
FAQ
What recent transaction did Beyond, Inc. complete?
Beyond, Inc. completed the sale of its corporate headquarters in Midvale, Utah, on December 20, 2024.
How much is Beyond, Inc. aiming to reduce in fixed costs?
The company is on track to achieve a $65 million annualized fixed cost reduction.
Will Beyond, Inc. remain in Salt Lake City?
Yes, Beyond, Inc. will maintain its presence in the Salt Lake City area with new office space.
What will happen to the data center after the sale?
The sale includes a lease-back allowing Beyond to occupy a 5,000 square foot data center.
How will the proceeds from the sale be used?
The proceeds will pay off mortgage obligations and fund company operations.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$BYON Insider Trading Activity
$BYON insiders have traded $BYON stock on the open market 6 times in the past 6 months. Of those trades, 5 have been purchases and 1 have been sales.
Here's a breakdown of recent trading of $BYON stock by insiders over the last 6 months:
- MARCUS LEMONIS (EXECUTIVE CHAIRMAN OF BOARD) has traded it 3 times. They made 3 purchases, buying 239,365 shares and 0 sales.
- WILLIAM BENJAMIN JR NETTLES sold 10,412 shares.
- JOSEPH J JR TABACCO purchased 10,000 shares.
- BARCLAY F CORBUS purchased 5,000 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$BYON Hedge Fund Activity
We have seen 98 institutional investors add shares of $BYON stock to their portfolio, and 151 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- VANGUARD GROUP INC removed 1,063,415 shares (-23.7%) from their portfolio in Q3 2024
- JAT CAPITAL MGMT LP removed 1,046,562 shares (-89.3%) from their portfolio in Q3 2024
- MARSHALL WACE, LLP added 959,634 shares (+648.6%) to their portfolio in Q3 2024
- FMR LLC removed 725,424 shares (-99.8%) from their portfolio in Q3 2024
- CALIXTO GLOBAL INVESTORS, LP removed 568,145 shares (-100.0%) from their portfolio in Q2 2024
- VERITION FUND MANAGEMENT LLC removed 476,560 shares (-95.7%) from their portfolio in Q3 2024
- BALYASNY ASSET MANAGEMENT L.P. added 445,128 shares (+inf%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
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Company On Track to Deliver $65 Million Annualized Fixed Cost Reduction
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Company to Maintain Presence in Salt Lake City
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MIDVALE, Utah, Dec. 20, 2024 (GLOBE NEWSWIRE) -- Beyond, Inc.
(NYSE:BYON),
owner of Bed Bath & Beyond, Overstock, Zulily, and other online retail brands designed to unlock your family's and home's potential ("the Company"), today announced that it has completed the transaction with Salt Lake County to sell the Company's corporate headquarters located in Midvale, Utah on December 20, 2024. The sale of the corporate headquarters aligns with the Company's strategic plan to reduce debt and fixed costs, free up capital for new growth opportunities, and generate cash flow.
"I am pleased to report we have delivered almost 90% of our $65 million annualized fixed cost expense reduction while making sequential progress on our critical business KPIs, with meaningful improvement in December," said Adrianne Lee, Chief Financial and Administrative Officer. "We have leased new office space in the Salt Lake City area to serve as our corporate headquarters, which is well-suited for the current and evolving needs of our business and will reduce our fixed cost expense base."
The sale of the corporate headquarters includes a lease-back to the Company, by which the Company can continue to use and occupy a 5,000 square foot data center. The Company intends to use the proceeds from the sale to fully pay off its associated mortgage obligations, with the remainder to fund operations.
About Beyond
Beyond, Inc. (NYSE:BYON), based in Midvale, Utah, is an ecommerce expert with a singular focus: connecting consumers with products and services that unlock their families' and homes' potential. The Company owns Overstock, Bed Bath & Beyond, Baby & Beyond, Zulily, and other related brands and associated intellectual property. Its suite of online shopping brands features millions of products for various life stages that millions of customers visit each month. Beyond regularly posts information about the Company and other related matters on the Newsroom and Investor Relations pages on its website, Beyond.com.
Beyond, Bed Bath & Beyond, Welcome Rewards, Zulily, Overstock and Backyard are trademarks of Beyond, Inc. Other service marks, trademarks and trade names which may be referred to herein are the property of their respective owners.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact, including but not limited to statements regarding the timing and use of lease-back, and our use of proceeds from the sale of our corporate headquarters. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 23, 2024, on Form 10-Q for the quarter ended September 30, 2024, filed with the SEC on October 25, 2024, and in our subsequent filings with the SEC.
Contact Information |
Investor Relations & Public Relations ir@beyond.com pr@beyond.com |
