Bed Bath & Beyond (BBBY) - Get Report shares bounced Monday after the home-goods retailer closed a sale-and-leaseback deal on a chunk of its real estate, generating $250 million of proceeds.

Shares of the chain jumped 3% to $16.56 after the company disclosed the sale of the 2.1-million-square-foot portfolio. 

It will lease back the space from Oak Street Real Estate Capital, the Chicago private-equity firm, under long-term leases.

And it said in a statement that it would use the proceeds from the deal to fund operations, buy back shares and pay down debt.

Along with stores and a distribution facility, the package also includes the company's Union, N.J., headquarters, according to The Wall Street Journal.

Mark Tritton, the company's recently appointed president and CEO, last month pledged a "bold pivot" as he said six members of BBBY's executive team, including its chief marketing, merchandising, legal and digital officers, would leave.

The sale-leaseback "marks a first step towards unlocking valuable capital in our business that can be put to work ... to build a stronger, more efficient foundation to support revenue growth, financial stability and enhance shareholder value," Tritton said in the  statement.

Bed Bath & Beyond has said it planned to cut costs and renovate, relocate and expand stores to capitalize on changing market conditions.

It said on Monday that it was still deciding what to do with some real estate it owns.

The chain has struggled with "soft" top-line numbers for several quarters, Zacks Investment Research said.

Analysts surveyed by Zacks expect Bed Bath & Beyond to report declines in earnings and sales when the retailer reports its fiscal-third-quarter results on Jan. 8.

Analysts are projecting earnings of 3 cents a share, an 83% decline from the year-earlier quarter. They see a 5.7% decline in revenue to $2.85 billion, according to Zacks.