Bed Bath & Beyond has sold its personalized gifts brand PersonalizationMall.com to 1-800-Flowers.com Inc. for $245 million, it announced on Monday.
“The completion of this transaction is an important milestone in our plan to simplify our portfolio and rebuild authority in our core market,” CEO and President Mark Tritton said.
Tritton said the deal has pushed Union-based Bed Bath one step closer to to streamlining its portfolio to focus on its Home, Baby, Beauty and Wellness brands as well as strengthened its liquidity and financial flexibility.
“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,” he said.
Under terms of the deal, PMall will continue providing product and personalization services to Bed Bath and buybuy BABY.
Goldman Sachs & Co. LLC and Proskauer Rose LLP advised Bed Bath on the transaction.
