Bed Bath & Beyond
stock was jumping Wednesday morning following news that the home-goods retailer is selling some noncore assets, including its Christmas Tree Shop chain.
The company said late Tuesday it was also selling its Massachusetts-based distributor, its institutional Linen Holdings business, and a distribution center in New Jersey. The company said it expected to generate about $250 million from the deal.
Bed Bath & Beyond (ticker: BBBY) is in the midst of a turnaround, prompted by years of poor management. Last year, activist investors got involved, prompting management changes and other moves. Still, even with consumers spending more on their homes during the Covid-19 crisis, the company had seen little benefit.
More recently the picture has started to brighten. The company introduced same-day shipping to complement its