Beyond Inc. Executive Chairman Marcus Lemonis has acquired 156,985 shares of Beyond’s common stock for $6.37 a share, a total value of $999,994, according to a recent SEC filing. Lemonis now holds 365,530 shares of the company.
Lemonis’ share purchase follows Beyond’s report last week of lower year-over-year sales and a year-over-loss for its third quarter, as well as a string of recent developments involving Beyond and its transformation into holding-style company.
Beyond reported a net loss for its third quarter was $61 million versus a loss of $63 million in the prior-year quarter. Adjusted for one-time events, net loss was $43.8 million versus a loss of $27.5 million in the third quarter of 2023.
Net revenues in the third quarter were $311.4 million versus $373.3 million in the year-prior period, Beyond reported. Operating loss was $43.6 million versus a loss of $40.9 million in the year-earlier quarter.
Lemonis (pictured above) said Beyond is “in the process of transforming our asset-light business into an affinity and data monetization model with a strong technology focus, comprised of a collection of brands.” The owner of such retailing brands as Bed Bath & Beyond, Overstock and Zulily recently announced investment partnerships with The Container Store and Kirkland’s Home.
The company also recently announced the sale of its Utah headquarters, expected to close in the fourth quarter, as well as a $20 million annualized workforce reduction.
