Bed Bath & Beyond Inc. sold off its luxury home decor banner One Kings Lane to an unnamed third party.
Bed Bath Chief Executive Officer Mark Tritton announced the sale to analysts on the company’s earnings call Wednesday.
Bed Bath purchased the home decor site in 2016. Tritton did not disclose the sale price of the banner.
“We remain focused on generating funds from the sale of assets and simplifying our business,” Tritton said.
He also commented on the lawsuit against 1-800-Flowers.
Bed Bath recently entered a definitive agreement to sell its PersonalizationMall.com business to 1-800-Flowers for $252 million and 1-800 was required to close the transaction on March 30, “but breached its obligation to do so.”
“Accordingly, we filed an action to require them to close and intend to vigorously enforce outright,” Tritton said. “While we can make no assurances, we will continue to pursue other portfolio adjustments and evaluate the remaining owned real estate in an effort to create a stronger and more focused portfolio.”
Bed Bath did not return a request for further comment by press time.