Container Store jumps on investment from Bed Bath & Beyond owner
Updates
** Shares of specialty retailer Container Store Group TCS.N surge as much as27% to $13.60 in early trade
** Company after market close on Tuesday said Bed Bath & Beyond owner Beyond BYON.N agreed to invest $40 mln through preferred equity transaction
** TCS shares up 16% at $12.41, BYON up 1.5% at $10.49
** Deal would result in ownership of ~40% of TCS stock by Beyond
** Companies expect to drive higher traffic for TCS's core assortment by co-branding Bed Bath & Beyond products for kitchen, bath and bedroom
** The preferred equity investment helps to financially stabilize TCS amid a challenging backdrop - Jefferies
** As of last close, TCS stock down ~69% YTD
Reporting by Savyata Mishra in Bengaluru
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