Bed Bath & Beyond Inc has sold Cost Plus World Market to Kingswood Capital Management. No financial terms were disclosed. CPWM is a home goods retail chain.
UNION, N.J., Jan. 19, 2021 /PRNewswire/ — Bed Bath & Beyond Inc. (Nasdaq: BBBY) today announced the completion of the sale of Cost Plus World Market (CPWM) to Kingswood Capital Management, a Los Angeles-based private equity firm. Both companies have agreed to a transition services agreement following the close of the transaction to help ensure business continuity.
Mark Tritton, Bed Bath & Beyond’s President and CEO said, “The completion of this transaction marks the conclusion of our work to streamline our portfolio. These efforts will help fund our transformation and put us in the position to start fiscal 2021 with a more cohesive set of core businesses in Home, Baby, Beauty & Wellness. We remain committed to driving sales and margin growth, generating cash and investing in our business plan to drive shareholder value.”
Advisors to Bed Bath & Beyond on this transaction included B. Riley Securities Inc. and Bryan Cave Leighton Paisner LLP.
About the Company
Bed Bath & Beyond Inc. and subsidiaries (the “Company”) is an omnichannel retailer that makes it easy for our customers to feel at home. The Company sells a wide assortment of merchandise in the Home, Baby, Beauty and Wellness markets. Additionally, the Company is a partner in a joint venture which operates retail stores in Mexico under the name Bed Bath & Beyond.