After Bed Bath & Beyond Inc.’s lawsuit against 1-800-Flowers.com Inc. for failing to close on the previously announced purchase of PersonalizationMall.com by March 30, 1-800-Flowers.com has agreed to purchase the gift personalization business for $245 million, subject to certain working capital and other adjustments.
The companies anticipate the transaction to close on or before Aug. 3.
Upon closing of the transaction, Bed Bath will withdraw its litigation against 1-800-Flowers.com and 800-Flowers Inc. related to the purchase agreement previously announced on Feb. 18.
Advisors to Bed Bath on this transaction include Goldman Sachs & Co. LLC and Proskauer Rose LLP.
Advisors to 1-800-Flowers.com on this transaction include Citigroup Global Markets Inc. and Cahill Gordon & Reindel LLP.
Bed Bath did not return a request for comment by press time.
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