At a special meeting held on February 5, 2025, Kirkland's, Inc., a leading US home decor retailer, announced that its shareholders approved the issuance of common stock under agreements with Beyond, Inc. As part of this agreement, Beyond completed an $8 million equity purchase and converted an $8.5 million convertible term loan into equity. With this successful deal, Beyond has now invested a total of $25 million in Kirkland's and acquired a 40% stake in the company, significantly boosting its influence and presence in the retailer's future.
Photo: Kirkland's Inc.
Amy Sullivan, CEO of Kirkland's, commented, 'Today marks a pivotal moment for Kirkland's, as the completion of this transaction and ongoing value of our strategic partnership with Beyond begin to unlock new drivers of transformation following our efforts over the past year focused on revitalising the Kirkland's brand. I am immensely proud of the team and the significant improvements we continue to make through our strategic initiatives of reengaging our core customer, refocusing our product assortment and strengthening our omnichannel capabilities. 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. Plans are underway for our first Bed Bath & Beyond store opening later this year, and we look forward to continuing to explore opportunities to maximise the value of our partnership. We enter fiscal 2025 with additional capital, new opportunities for growth and an intense focus on aggressively addressing underperforming assets and delivering improved profitability.'
'Our investment and the overwhelming shareholder support reinforces the value we see in Kirkland's and its management team. Through this strategic partnership we are committed to leveraging the strengths of each company to drive long-term sustainable growth as we work together to build the omnichannel strategy across our family of brands,' said Marcus Lemonis, Executive Chairman of Beyond.
About Kirkland's, Inc.
Kirkland's, Inc. is a speciality retailer of home décor and furnishings in the United States, currently operating 317 stores in 35 states as well as an e-commerce website, www.kirklands.com, under the Kirkland's Home brand. The Company provides its customers an engaging shopping experience characterised by a curated, affordable selection of home décor and furnishings along with inspirational design ideas. This combination of quality and stylish merchandise, value pricing and a stimulating in-store and online environment provides the Company's customers with a unique brand experience.
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Kirkland's Inc.
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