Will Bed Bath & Beyond go out of business?
Retail industry watcher Michael Zakkour discusses Bed Bath & Beyond’s huge dip in the markets and how retail can keep up with competitors in coming years.
Bed Bath & Beyond agreed to sell online retailer PersonalizationMall.com to 1-800-Flowers.com for $252 million, the companies announced Tuesday.
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The sale comes as Bed Bath & Beyond has struggled to keep up with a changing retail landscape that has seen more consumers shopping online. The retailer's market capitalization has fallen from a peak of $17.35 billion in June 2012 to below $1.5 billion on Tuesday.
"PersonalizationMall’s extensive product offering and industry-leading personalization capabilities will be an excellent addition to our growing family of popular gifting brands," said Chris McCann, CEO of 1-800-Flowers.com.
|BBBY||BED BATH & BEYOND INC.||11.45||+0.27||+2.42%|
|FLWS||1 800 FLOWERS COM||17.00||+0.41||+2.47%|
The deal includes PersonalizationMall.com's website and 360,000-square-foot distribution facility in Bolingbrook, Illinois. Its revenues were more than $150 million in its most recent year, McCann said.
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"We expect PersonalizationMall.com to be accretive to our top and bottom-line results in fiscal 2021," McCann said.