Bed Bath & Beyond said Monday that it will sell Cost Plus World Market as it aims to stabilize sales and focus on its core business.
The home-goods retailer announced that it’s struck an agreement with Los Angeles-based private equity firm, Kingswood Capital Management, which will buy Cost Plus World Market.The sale includes the brand’s 243 brick-and-mortar locations, digital business, two distribution facilities and corporate office in Alameda, Calif. Bed Bath & Beyond did not disclose terms of the deal, but said it anticipates it will close before the end of the fiscal year in February 2021.
The company also said it’s stepping up stock buybacks. It said it’s approved a $150 million share repurchase program on top of the $225 million program it announced in late October. It plans to complete them by the end of February 2021. With the expanded program, it will buy back up to $825 million in shares over the next three years.CNBC