Bed Bath & Beyond to sell personalized gifts brand for $252M

Bed Bath & Beyond Inc. has agreed to sell its personalized gifts brand to Carle Place, New York-based 1-800-FLOWERS.COM Inc. for $252 million, the Union-based retailer announced on Tuesday.

Mark Tritton, CEO and president of Bed Bath, said the deal is one step closer to streamlining the company’s portfolio to focus on its Home, Baby and Beauty brands.

“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.

Once the deal has closed, will continue to provide products and personalization services to Bed Bath and buybuy BABY.

The transaction is expected to close during the company’s fiscal Q1 2020. Goldman Sachs & Co. LLC and Proskauer Rose LLP were Bed Bath’s advisors on the deal.