Bed Bath & Beyond Inc. has completed the sale of its Christmas Tree Shops retail banner, its institutional Linen Holdings business and a distribution center located in Florence, the company announced Thursday.
Cash proceeds from the sale agreements were approximately $250 million.
“The timely completion of these transactions represents another important milestone in our comprehensive plan to simplify our portfolio, unlock the potential of our business and extend our authority in the home, baby, beauty and wellness markets,” said President and CEO Mark Tritton in a prepared statement.
“We will continue to optimize our portfolio, including the potential sale of additional non-core assets. Since joining Bed Bath & Beyond a little over a year ago, our team has created greater financial flexibility and strategic focus through the divestiture of non-core assets and banners, generating over $750 million to re-invest in our digital-first, omni-always transformation and drive strong and sustainable total shareholder return,” he said.
Bed Bath intends to allocate cash for growth and transformation, to ensure financial resilience and return cash to shareholders. The company recently launched a $225 million accelerated share repurchase as part of a three year $675 million share repurchase program.
Bed Bath did not return a request for further comment.