(RTTNews) – Bed Bath & Beyond Inc. (BBBY) Tuesday said it has entered into separate agreements to sell its Christmas Tree Shops retail banner, its institutional Linen Holdings business, and a distribution center located in Florence, New Jersey.
The company expects to generate a total of about $250 million in aggregate from the monetization of these assets as it continues to optimize its portfolio, potentially including the sale of additional non-core assets, to further increase its financial strength and enhance shareholder value.
CEO Mark Tritton said, “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.”
Bed Bath & Beyond will sell Christmas Tree Shops to Handil Holdings, LLC. The purchase agreement includes all 80 brick-and-mortar Christmas Tree Shop locations