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Jim Cramer Loves Bed Bath & Beyond’s Asset Sale, Praises CEO Tritton

In his daily “Stop Trading” segment on CNBC, Jim Cramer took a look at Bed Bath & Beyond (NASDAQ: BBBY).



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The Transaction: On Tuesday, Bed Bath & Beyond announced plans to sell its Christmas tree store business of 80 stores, its linen business and a distribution center. The three non-core assets are expected to bring in $250 million in sales for the company.

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The deal “accelerates the company’s transformation to drive shareholder value creation,” according to the company.

“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,” said CEO Mark Tritton.

Related Link: Bed Bath & Beyond Rallies 35% On Q2 Results: 3 Analyst Takes On The Print

Cramer’s Take: The discussion centered

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Kitchen United Names Michael Montagano CEO as Jim Collins Departs

Kitchen United, a ghost kitchen industry leader, announced the appointment of Michael Montagano as Chief Executive Officer and newest member of the company’s Board of Directors following two years serving as Chief Financial Officer and Treasurer. Additionally, Joy Lai has been promoted to Chief Operating Officer from her previous position as Chief Marketing Officer.

“Over the past three years, we have built a solid foundation on which to grow. I am proud of what we accomplished in my years at Kitchen United, and can say without a doubt the Kitchen United team is the best that I’ve had the privilege to serve alongside. I know they will continue to achieve great success in the years ahead,” says former CEO Jim Collins, who departed the company to focus on personal endeavors.

“Michael is well positioned to continue to build upon Kitchen United’s industry leadership and help restaurant partners achieve optimal success,”

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Kitchen United CEO Jim Collins exits ghost kitchen company

Kitchen United, a pioneer in the emerging ghost kitchen space, announced Wednesday the departure of CEO Jim Collins, who played an instrumental role in developing the company’s string of rent-a-kitchen facilities in major U.S. markets.

He left to focus on personal endeavors, the Pasadena, Calif.-based company said. Michael Montagano, the company’s former chief financial officer and treasurer, has been named CEO. Chief Marketing Officer Joy Lai has taken over the role of chief operating officer. 

She and Montagano will work together to shepherd the company through its next round of growth, where demand is at an all-time high for its ghost kitchen facilities. Since the beginning of the year, volume at its centers, on a monthly basis, has increased 400% to 500%, Montagano told Nation’s Restaurant News in a phone interview

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