Bed Bath & Beyond has been looking for ways to cut costs and shore up cash, all part of an effort to turn around its business. The company stated in February that it laid out a $1 billion capital allocation strategy which included spending $400 million on remodelling of stores, supply chain improvements and IT & Digital projects.
“This transaction is another important step towards simplifying our portfolio and deepening our focus on our core Home, Baby and Beauty businesses. The company said it continues to work with outside advisers to optimize the Company’s portfolio of retail concepts and owned real estate.” – CEO Mark Tritton stated.
