Beyond (BYON) said Monday that it closed a $5.2 million expansion of its existing credit facility with Kirkland's (KIRK), expanding its investment in the latter.
The companies also signed an asset agreement for Beyond's acquisition of trademarks that contain "Kirkland" and other related assets, according to the statement. Beyond said it plans to license the trademarks back to Kirkland's for use in its existing retail stores and websites.
In addition, Beyond said it amended its collaboration deal with Kirkland's to increase the collaboration fee it receives on Kirkland's brick-and-mortar retail revenue to 0.50% from 0.25% and remove Kirkland's prior 3% royalty on net sales from its Bed Bath & Beyond and Overstock retail locations.
Finally, the companies also amended their existing license agreement to grant Kirkland's a license to open and operate Bed Bath & Beyond Home and buybuy BABY stores.
According to the statement, Kirkland's plans to use the expanded facility for general working capital and to support its updated store conversion strategy.
Shares of Beyond were up over 5% in recent Monday trading.
Price: 4.79, Change: +0.23, Percent Change: +5.04
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