UNION, N.J.-- Bed Bath & Beyond Inc. has announced the completion of the sale of its Christmas Tree Shops retail banner, its institutional Linen Holdings business and a distribution center located in Florence, New Jersey. Total cash proceeds from the three separate sale agreements were approximately $250 million.
Mark Tritton, President and Chief Executive Officer said, "The timely completion of these transactions represents another important milestone in our comprehensive plan to simplify our portfolio, unlock the potential of our business and extend our authority in the Home, Baby, Beauty and Wellness markets. We will continue to optimize our portfolio, including the potential sale of additional non-core assets. Since joining Bed Bath & Beyond a little over a year ago, our team has created greater financial flexibility and strategic focus through the divestiture of non-core assets and banners, generating over $750 million to re-invest in our digital-first, omni-always transformation and drive strong and sustainable total shareholder return."
Bed Bath & Beyond's capital allocation principles include investing for growth and transformation, ensuring financial resilience and returning cash to shareholders. The Company recently launched a $225 million accelerated share repurchase, as part of an authorized share repurchase program totaling up to $675 million over the next three years.
Advisors to Bed Bath & Beyond on the Christmas Tree Shops and Linen Holdings transactions included B. Riley Securities Inc. and Bryan Cave Leighton Paisner; JLL advised the Company on the real estate transaction.
About Bed Bath & Beyond
Bed Bath & Beyond Inc. and subsidiaries (the "Company") is an omnichannel retailer that makes it easy for our customers to feel at home. The Company sells a wide assortment of merchandise in the Home, Baby, Beauty and Wellness markets. Additionally, the Company is a partner in a joint venture which operates retail stores in Mexico under the name Bed Bath & Beyond.