MIDVALE, Utah — Bed Bath & Beyond, Overstock.com, Zulily, and other online retail companies are owned by Beyond, Inc., which said on December 20 that it had successfully sold its corporate offices to Salt Lake County.
According to officials, the company’s strategic goal to lower debt and fixed expenses, produce cash flow, and free up funds for new growth prospects is in line with the sale of the corporate headquarters.
Adrianne Lee, chief financial and administrative officer, said, “I am happy to report that we have delivered nearly 90% of our $65 million annualized fixed cost expense reduction while making sequential progress on our critical business KPIs, with meaningful improvement in December.” “We have leased new office space in the Salt Lake City area to serve as our corporate headquarters. This will lower our fixed cost expense base and is well-suited to the present and changing needs of our business.”
As previously reported this year, Salt Lake County and Beyond reached a deal on September 16th for Beyond to sell the old Overstock.com facility at 799 W. Coliseum Way and 18.6 acres of property for $55 million through its wholly owned subsidiary, Peace Coliseum LLC.
A leaseback to Beyond is part of the sale of the corporate offices, allowing the business to keep using and occupying a 5,000-square-foot data center. With the remaining funds to support operations, Beyond plans to use the selling proceeds to settle its related mortgage obligations in full.
