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0 0.00107758620689653 0.00323275862068959 0.00107758620689653 0.00215517241379306 0 0 0.0172413793103448
Stock impact report

Bed Bath & Beyond acquires competitor for $150M [Yahoo! Finance]

Bed Bath & Beyond, Inc. (BBBY) 
Last bed bath & beyond, inc. earnings: 4/15 04:15 pm Check Earnings Report
US:NASDAQ Investor Relations: bedbathandbeyond.com
Company Research Source: Yahoo! Finance
On April 2, the home goods retailer announced it is purchasing The Container Store in a $150 million deal that involves stock and convertible notes. In a letter to shareholders, Bed Bath & Beyond CEO Marcus Lemonis said the move "marks the beginning of our next phase of growth" and came after careful consideration. As part of the deal, the company is also purchasing the Sweden-based Elfa and Chicago-based Closet Works, both of which were owned by The Container Store. By acquiring the three properties, Lemonis says his company is in a better position to serve its customers. “This transaction will fill critical gaps in both our retail and home services strategy,” Lemonis said. “As we build our company platform, any additional assets including talent must serve a clear purpose to our company's long-term strategy.” Bed Bath & Beyond plans to use Elfa and Closet Works to support its home services offerings, while The Container Store is set to join Bed Bath and Beyond, Overstock.com Show less Read more
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