Done Deal: Bed Bath & Beyond complete sale of Cost Plus World Market
Bed Bath & Beyond Inc. has officially completed the sale of its last remaining non-core buyer.
The home goods retailer announced the completion of the sale of Cost Plus World Market to Kingswood Capital Management, a Los Angeles-based private equity firm. Both companies have agreed to a transition services agreement following the close of the transaction to help ensure business continuity.
The agreement includes 243 stores, the Cost Plus digital business, two distribution facilities and a corporate office located in Alameda, Calif. It is expected that Cost Plus will continue to operate as a stand-alone retail brand.
During the past several months, Bed Bath & Beyond has shed its non-core businesses in order to focus its attention on its namesake, BuyBuy Baby and Harmon Face Values brands.
"The completion of this transaction marks the conclusion of our work to streamline our portfolio,” said Mark Tritton, president and CEO, Bed Bath & Beyond. “These efforts will help fund our transformation and put us in the position to start fiscal 2021 with a more cohesive set of core businesses in home, baby, beauty & wellness. We remain committed to driving sales and margin growth, generating cash and investing in our business plan to drive shareholder value."