Bed Bath & Beyond Inc. Completes Sale of Cost Plus World Market

Rhea-AI Summary

Bed Bath & Beyond announced the completion of the sale of Cost Plus World Market to Kingswood Capital Management on January 19, 2021. This divestiture is part of the company's strategy to streamline its portfolio and focus on core areas including Home, Baby, Beauty, and Wellness. The transition services agreement will ensure continuity post-sale. CEO Mark Tritton emphasized that this move will support ongoing transformation and improve sales and margin growth, ultimately enhancing shareholder value.

Positive

• Completion of sale enhances portfolio focus.
• Transition services agreement ensures business continuity.
• Strategic move aimed at driving sales and margin growth.

Negative

• None.

UNION, N.J., Jan. 19, 2021 /PRNewswire/ -- Bed Bath & Beyond Inc. (Nasdaq: BBBY) today announced the completion of the sale of Cost Plus World Market (CPWM) to Kingswood Capital Management, a Los Angeles-based private equity firm.  Both companies have agreed to a transition services agreement following the close of the transaction to help ensure business continuity.

Mark Tritton, Bed Bath & Beyond's President and CEO said, "The completion of this transaction marks the conclusion of our work to streamline our portfolio.  These efforts will help fund our transformation and put us in the position to start fiscal 2021 with a more cohesive set of core businesses in Home, Baby, Beauty & Wellness.  We remain committed to driving sales and margin growth, generating cash and investing in our business plan to drive shareholder value."

Advisors to Bed Bath & Beyond on this transaction included B. Riley Securities Inc. and Bryan Cave Leighton Paisner LLP.

About the Company

Bed Bath & Beyond Inc. and subsidiaries (the "Company") is an omnichannel retailer that makes it easy for our customers to feel at home.  The Company sells a wide assortment of merchandise in the Home, Baby, Beauty and Wellness markets.  Additionally, the Company is a partner in a joint venture which operates retail stores in Mexico under the name Bed Bath & Beyond.

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SOURCE Bed Bath & Beyond Inc.

FAQ

What recent transaction did Bed Bath & Beyond complete?

Bed Bath & Beyond completed the sale of Cost Plus World Market to Kingswood Capital Management.

When was the Cost Plus World Market sale announced?

The sale was announced on January 19, 2021.

Who is the CEO of Bed Bath & Beyond?

The CEO of Bed Bath & Beyond is Mark Tritton.

What is the significance of the sale for Bed Bath & Beyond?

The sale is part of Bed Bath & Beyond's strategy to streamline its portfolio and focus on core businesses.

What areas will Bed Bath & Beyond focus on after the sale?

After the sale, Bed Bath & Beyond will focus on Home, Baby, Beauty, and Wellness.