MIDVALE, Utah — Beyond, Inc., owner of Bed Bath & Beyond, Overstock.com, Zulily and other online retail brands, announced that it completed the sale of its corporate headquarters to Salt Lake County on Dec. 20.
Officials say 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.”
As reported earlier this year, Beyond, through its wholly owned subsidiary, Peace Coliseum LLC, entered into an agreement Sept. 16 with Salt Lake County to sell the former Overstock.com building at 799 W. Coliseum Way and 18.6 acres of land for $55 million.
The sale of the corporate headquarters includes a leaseback to Beyond, by which the company can continue to use and occupy a 5,000-square-foot data center. Beyond intends to use the proceeds from the sale to fully pay off its associated mortgage obligations, with the remainder to fund operations.
See also:
S