Blue Grace Logistics is reporting a $1 billion profit after a massive overhaul.
The company announced Monday that its cash pile of $2.6 billion includes $1.8 billion in debt and $3.1 billion in non-performing loans.
The $2 billion in new cash is enough to cover a full year of operations, the company said in a statement.
The news comes as the world’s largest retailer has struggled to gain momentum and gain traction with consumers.
Blue Grace has struggled for years to regain its footing, with sales plummeting to $6.4 billion in its most recent fiscal year.
The turnaround is happening amid a massive restructuring of its operations that started last year.
Blue Hope has a lot of questions, Chief Executive Officer Rob Leger said Monday in a conference call.
We’ve got to get back to a place where our people feel comfortable being able to say ‘this is the Blue Grace we’re trying to build.’
“Leger said he has “absolutely no doubt” the company will be profitable next year.