Bed Bath & Beyond Inc. completed of the sale of PersonalizationMall.com to 1-800-Flowers.com Inc. for $245 million, subject to certain customary post-closing adjustments, the Union-based retailer announced Aug. 3.
Bed Bath bought PMall in 2016 for $190 million.
Tritton
“The completion of this transaction is an important milestone in our plan to simplify our portfolio and rebuild authority in our core market. Since announcing our intention to divest PMall back in February 2020, we have made significant progress in our efforts to optimize growth within home, baby, beauty and wellness, assembling a world class leadership team, restructuring our operations and introducing new services like buy-online-pickup-in-store and contactless curbside pickup,” said Chief Executive Officer Mark Tritton in a prepared statement.
The proceeds from this transaction strengthen Bed Bath’s liquidity and financial flexibility as it continues to build “a balanced, durable financial model,” according to an announcement.
The company continues to review its non-core assets for opportunities to further simplify its portfolio.
In connection with Bed Bath’s settlement agreement with 1-800-Flowers.com, a stipulation and proposed order of dismissal is expected to be filed one business day after closing to dismiss the litigation between the two companies.
Advisors to Bed Bath on this transaction include Goldman Sachs & Co LLC and Proskauer Rose LLP.
