NASHVILLE, Tenn. — Specialty home and décor retailer Kirkland’s has finalized its $25 million investment from Beyond Inc., receiving the requisite shareholder approvals.
Following a special shareholder meeting Feb. 5 in which 97% of the votes were cast in favor of the proposal to issue common stock shares pursuant to its term loan credit agreement and subscription agreement with Beyond, Beyond completed an $8 million equity purchase under the subscription agreement and the mandatory conversion of an $8.5 million convertible term loan as part of the term loan credit agreement.
With the completion of this transaction, Beyond has now provided Kirkland’s with $25 million of capital and takes ownership of 40% of Kirkland’s outstanding shares of common stock.
“Today marks a pivotal moment for Kirkland’s, as the completion of this transaction and the ongoing value of our strategic partnership with Beyond begin to unlock new drivers of transformation following our efforts over the past year focused on revitalizing the Kirkland’s brand,” said CEO Amy Sullivan.
“As we look ahead, together with the Beyond team, we will continue to leverage Kirkland’s core strengths including our merchandising, store operations and supply chain expertise and infrastructure to build a cohesive omnichannel strategy for Beyond’s portfolio of iconic brands,” she said, including the first Bed Bath & Beyond store opening later this year. “We look forward to continuing to explore opportunities for growth,” she added.
“Our investment and the overwhelming shareholder support reinforces the value we see in Kirkland’s and its management team,” said Marcus Lemonis, executive chairman of Beyond. “Through this strategic partnership we are committed to leveraging the strengths of each company to drive long-term, sustainable growth.”
Kirkland’s currently operates 317 Kirkland’s Home stores in 35 states along with an e-commerce site.
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