BED Bath & Beyond has acquired a 60-year-old retailer as the formerly bankrupt home goods company continues its comeback.
The $10 million deal places the storied brand alongside Overstock and BuyBuy Baby in the company’s portfolio.
Bed Bath & Beyond has purchased a 60-year-old retailer for $10 million (stock image)[/caption]
Since October of last year, Bed Bath & Beyond Inc (previously Beyond Inc) and Kirkland’s Home have been working together to bring back about five physical Bed Bath & Beyond Home stores to American consumers.
Now, that partnership will continue under Bed Bath & Beyond Inc, with the company purchasing Kirkland’s Home and expanding it into the wholesale market, according to a press release on Monday.
Store conversions will also continue as planned, with the first of the five Bed Bath & Beyond Home stores having opened last month.
“The excitement around the Bed Bath & Beyond brand has been undeniable with the first of many store conversions,” Marcus Lemonis, executive chairman of Bed Bath & Beyond Inc, said in a statement.
“This early success reinforces our conviction in the strategy and our commitment to accelerate the rollout nationwide.”
“Kirkland’s Home design and product development will expand through both Bed Bath & Beyond Home stores and the wholesale market, and I have full confidence in Amy Sullivan and her team to drive this growth,” Lemonis added.
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