UNION, N.J., Feb. 18, 2020 /PRNewswire/ -- Bed Bath &
Beyond Inc. (Nasdaq: BBBY) today announced that it has entered into
a definitive agreement to sell its PersonalizationMall.com business
to 1-800-FLOWERS.COM, Inc. for $252
million, subject to certain working capital and other
adjustments.
Commenting on the transaction, Mark
Tritton, Bed Bath & Beyond's President & Chief
Executive Officer, said, "This transaction is another important
step towards simplifying our portfolio and deepening our focus on
our core Home, Baby and Beauty businesses. By unlocking valuable
capital from within our business, we can accelerate the Company's
ongoing business transformation and our efforts to re-establish Bed
Bath & Beyond's authority in the Home space."
Bed Bath & Beyond, together with its outside advisors, will
continue to optimize the Company's portfolio of retail concepts and
owned real estate to support the transformation and enhance
shareholder value.
The closing of the transaction is subject to customary closing
conditions, including, among others, the expiration or termination
of the applicable waiting period under the Hart-Scott Rodino
Antitrust Improvements Act of 1976.
Following the closing of the transaction,
PersonalizationMall.com will continue to provide product and
personalization services to Bed Bath & Beyond and buybuy
BABY. The transaction is expected to close during the
Company's fiscal 2020 first quarter.
Advisors to Bed Bath & Beyond on this transaction included
Goldman Sachs & Co LLC and Proskauer Rose 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 domestics
merchandise and home furnishings. The Company also provides a
variety of textile products, amenities and other goods to
institutional customers in the hospitality, cruise line, healthcare
and other industries. Additionally, the Company is a partner in a
joint venture which operates retail stores
in Mexico under the name Bed Bath & Beyond.
Forward-Looking Statements
This press release contains forward-looking statements,
including, but not limited to, the Company's progress and
anticipated progress towards its long-term objectives. Many
of these forward-looking statements can be identified by use of
words such as may, will, expect, anticipate, approximate, estimate,
assume, continue, model, project, plan, goal, and similar words and
phrases, although the absence of those words does not necessarily
mean that statements are not forward-looking. The Company's actual
results and future financial condition may differ materially from
those expressed in any such forward-looking statements as a result
of many factors. Such factors include, without limitation: general
economic conditions including the housing market, a challenging
overall macroeconomic environment and related changes in the
retailing environment; consumer preferences, spending habits and
adoption of new technologies; demographics and other macroeconomic
factors that may impact the level of spending for the types of
merchandise sold by the Company; civil disturbances and terrorist
acts; unusual weather patterns and natural disasters; competition
from existing and potential competitors across all channels;
pricing pressures; liquidity; the ability to achieve anticipated
cost savings, and to not exceed anticipated costs, associated with
organizational changes and investments; the ability to attract and
retain qualified employees in all areas of the organization; the
cost of labor, merchandise and other costs and expenses; potential
supply chain disruption due to trade restrictions, political
instability, labor disturbances, product recalls, financial or
operational instability of suppliers or carriers, and other items;
the ability to find suitable locations at acceptable occupancy
costs and other terms to support the Company's plans for new
stores; the ability to establish and profitably maintain the
appropriate mix of digital and physical presence in the markets it
serves; the ability to assess and implement technologies in support
of the Company's development of its omnichannel capabilities;
uncertainty in financial markets; volatility in the price of the
Company's common stock and its effect, and the effect of other
factors, on the Company's capital allocation strategy; risks
associated with the ability to achieve a successful outcome for its
business concepts and to otherwise achieve its business strategies;
the impact of intangible asset and other impairments; disruptions
to the Company's information technology systems including but not
limited to security breaches of systems protecting consumer and
employee information or other types of cybercrimes or cybersecurity
attacks; reputational risk arising from challenges to the Company's
or a third party product or service supplier's compliance with
various laws, regulations or standards, including those related to
labor, health, safety, privacy or the environment; reputational
risk arising from third-party merchandise or service vendor
performance in direct home delivery or assembly of product for
customers; changes to statutory, regulatory and legal requirements,
including without limitation proposed changes affecting
international trade; changes to, or new, tax laws or interpretation
of existing tax laws; new, or developments in existing, litigation,
claims or assessments; changes to, or new, accounting standards;
and foreign currency exchange rate fluctuations. The Company does
not undertake any obligation to update its forward-looking
statements.
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SOURCE Bed Bath & Beyond Inc.