Shares of Bed Bath & Beyond (BBBY) – Get Report rose Wednesday after the home goods retailer announced agreements to sell its Christmas Tree Shops, its Linen Holdings business, and a distribution center for $250 million.
The distribution center is in Florence, N.J.
Bed Bath was suffering prior to the coronavirus pandemic, as online retailers were eating into its sales. But now its own digital sales have boosted it during the pandemic.
The company’s shares were at $23.49, up 6.07%, in premarket trading, and have gained 28% year to date.
“Today’s announcement builds on the purposeful steps we have made throughout the year to simplify our portfolio, unlock capital and create clear strategic focus to accelerate our plans to build our authority in the home, baby, beauty and wellness markets,” CEO Mark Tritton said in a statement.
“Customers are responding well to the introduction of our new omni-always