FLWS - Bed Bath & Beyond Settles Lawsuit With 1-800-Flowers
Bed Bath & Beyond (NASDAQ: BBBY) announced yesterday that it has reached a deal with 1-800-Flowers.com (NASDAQ: FLWS) after the home goods retailer sued the flower company for putting a deal to acquire PersonalizationMall.com on hold.
Part of Bed Bath & Beyond's survival strategy is to shed the agglomeration of businesses collected by previous management. PersonalizationMall.com, an online site that personalizes items for consumers, was one of those deemed not part of the retailer's core business and was sold to 1-800-Flowers in February for $252 million.
In March, as the coronavirus pandemic gripped the United States, 1-800-Flowers looked to put the deal on hold, a move Bed Bath & Beyond was not supportive of. In April, Bed Bath & Beyond sued 1-800-Flowers to force it to close the sale.