Bed Bath & Beyond announced Wednesday it is working with Hilco Global to get merchandise back on its shelves in the company’s latest effort to stay alive and avoid bankruptcy. 

The home goods retailer has entered into a vendor consignment program with ReStore Capital, an investment manager under Hilco that provides “creative financing solutions” to struggling companies. 

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Under the agreement, ReStore Capital will purchase up to $120 million, on a revolving basis at any given time, of pre-arranged merchandise from Bed Bath’s key suppliers to boost inventory levels at its namesake chain and Buybuy Baby. 

Bed Bath has been struggling to stock its shelves after its vendors tightened their credit terms, cut limits and required prepayments before agreeing to fulfill orders, the company has said previously. 

CEO Sue Gove said the company remains “relentless” in its attempts to overcome its operational and financial challenges.

“Our new vendor consignment program enables us to increase our inventory position in top items that customers are buying and improve the customer experience. This capital-light solution can allow us to strengthen merchandise availability and better fulfill demand,” Gove said in a news release. 

“We are doing what we must to sustain our business immediately and unlock our true value over the long-term – for all stakeholders.”

Gove noted the support the company has seen from its top suppliers and said it demonstrates Bed Bath’s “potential for sustainable improvement.” 

“We know the performance and value of our business today is not representative of our full potential,” Gove continued. “Our entire organization is focused on expanding and accelerating improvement.” 

Bed Bath has been exhausting all efforts to stay out of bankruptcy court after a series of dismal quarters plunged the company into the red and exhausted its cash flow. 

Last week, the company reported preliminary results for its fiscal fourth quarter. It reported net sales of roughly $1.2 billion and comparable store sales declining in the range of 40% to 50%. The company noted negative operating losses have continued, although it noted it hasn’t depleted its free cash flow.

The company reported $2.05 billion in revenue for the fiscal fourth quarter of 2021.

In February, it announced what was then-believed to be a Hail Mary stock offering that was expected to infuse more than $1 billion in equity into the company but it ultimately only raised $360 million, the company said. 

On March 30, Bed Bath announced another stock offering of $300 million and warned it would likely need to file for bankruptcy protection if it doesn’t work out.

The two offerings have diluted Bed Bath’s stock, which has been on a steady decline and hampered its fundraising efforts. The company’s shares have been trading around 35 cents. Its market value is $151.5 million, as of Tuesday’s close.