FLWS - Why Bed Bath & Beyond Popped 7% Tuesday
Shares of Bed Bath & Beyond (NASDAQ: BBBY), an omnichannel retailer of home furnishings products, traded over 7% higher Tuesday after the company announced an agreement to sell PersonalizationMall.com.
Bed Bath & Beyond entered into a definitive agreement to sell PersonalizationMall.com to 1-800-Flowers.com (NASDAQ: FLWS) for $252 million. Bed Bath & Beyond acquired PersonalizationMall.com in 2016 for $191 million in cash, in hopes it would help boost its e-commerce business.
Said Mark Tritton, Bed Bath & Beyond's president and CEO, in a press release: "This transaction is another important step toward simplifying our portfolio and deepening our focus on our core Home, Baby and Beauty businesses. By unlocking valuable capital from within our business, we can accelerate the Company's ongoing business transformation and our efforts to reestablish Bed Bath & Beyond's authority in the Home space."