“This transaction is another important step toward simplifying our portfolio and deepening our focus on our core home, baby and beauty businesses,” said Chief Executive Officer Mark Tritton in a statement.
“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,” Tritton said.
Union-based Bed Bath plans to continue to optimize its portfolio of retail concepts and owned real estate to support its transformation and enhance shareholder value.
The closing of the transaction is subject to customary conditions; it’s expected to close in Bed Bath’s fiscal 2020 first quarter. Following the closing, PersonalizationMall.com will continue to provide product and personalization services to Bed Bath & Beyond and buybuy BABY for special occasions such as weddings, communions and holidays.
Goldman Sachs & Co. LLC and Proskauer Rose LLP advised Bed Bath on this transaction.