Bed Bath & Beyond has entered into a definitive deal to sell Cost Plus World Market to California-based Kingswood Capital Management, according to a Monday, December 14, announcement.
The deal encompasses 243 physical locations, two distribution facilities, the Cost Plus digital business, and an office in California, while it is anticipated that the business will keep running as a stand-alone brand. It is foreseen to close before the conclusion of Bed Bath & Beyond’s fiscal year end in February of next year.
The arrangement is subject to “customary closing conditions,” with the inclusion of the expiration or termination of the applicable waiting timeframe with the Hart-Scott Rodino Antitrust Improvements Act of 1976.
Both firms have consented to a transition service deal after the close of the arrangement to assist in ensuring business continuity. Bryan Cave and B. Riley Securities were among the advisors to Bed Bath & Beyond on the deal.
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