A MAJOR homewares brand has absorbed a competitor in a million-dollar deal, signalling the resurrection of the giant.
Bed Bath & Beyond announced it had purchased the Kirkland’s Home name, in a mega $10 million deal.
Bed Bath & Beyond bounces back after bankruptcy[/caption]
The store could be opening 300 new locations[/caption]
It was announced they bought out Kirkland’s Home in a $10m deal[/caption]
The deal included the Kirkland’s Home name, alongside other brand assets from The Brand House Collective.
In a statement released on Monday, the company announced the purchase, with a spokesperson saying it “accelerates the companies’ national store conversion strategy”.
The spokesperson said Kirkland’s Home locations would be converted “into Bed Bath & Beyond stores”.
“The companies will expand Kirkland’s Home into the wholesale market,” the statement read.
“[It will] extend the brand’s nearly 60-year legacy in seasonal home decor and furnishings to independent retailers nationwide and creating a new, recurring revenue stream.”
Marcus Lemonis, executive chairman of Bed Bath & Beyond said the announcement had been highly anticipated.
“The excitement around the Bed Bath & Beyond brand has been undeniable with the first of many store conversions,” he said.
The homewares company, based in Murray, Utah, has an e-commerce focus with ownership of various retail brands.
The company’s website said its stocked items offer customers a “comprehensive array of products and services that enable its customers to enhance everyday life through quality, style, and value”.
Bed Bath & Beyond currently owns Overstock, buybuy BABY, and now Kirkland’s Home, alongside other related brands and websites.
The company is also invested in a blockchain asset portfolio, which includes tZero, GrainChain and other assets.
Bed Bath & Beyond is attempting to make a comeback after it filed for bankruptcy and closed all stores in 2023.
The first Bed Bath & Beyond store reopened in August near Nashville.
Lemonis said the company would not be opening a brick-and-mortar store in California, saying the state – despite being home to more than 39 million people – would be served “solely through delivery”.
“We will target opening 300 small to midsize neighbourhood stores through our Kirkland’s investment,” Lemonis said.
Other retailers have also fallen victim to bankruptcy, with Rite Aid is closing 40 more stores in one state this month after it filed for its second bankruptcy filling in May.
The struggling pharmacy chain announced another slew of locations being forced to shut.
Rite Aid was hit with several closure waves, as it struggled to find financial stability.
In Oregon, 40 more Rite Aid locations either closed or are scheduled to do so.
The dates for the closures vary, with many closing in August, while some were due to shut this month.
The first brick and mortar store reopened in August this year[/caption]
