Bed Bath & Beyond Selling Christmas Tree, Cost Plus Chains
(Bloomberg) -- Bed Bath & Beyond Inc. is looking to sell its Christmas Tree Shops and Cost Plus World Market chains, according to people familiar with the matter, part of an ongoing makeover of the home-goods company.
The people declined to be identified because the process isn’t public.
Activist investors pressured the company to oust Chief Executive Officer Steven Temares last year, part of an overhaul to reverse flagging sales amid competition from discount chains and online merchants. Since then, the company has replaced its management team, including the appointment of former top Target Corp. executive Mark Tritton, cut its workforce and said it would consider asset sales.
A Bed Bath & Beyond spokesman declined to comment. The company said last year it would review its portfolio of brands. It announced the sale of its One Kings Lane home decor brand and PersonalizationMall.com, along with a $250 million sale-leaseback deal, this year.
Bed Bath & Beyond bought Christmas Tree, the Cape Cod, Massachusetts-based knickknack and housewares chain, in 2003. It now operates more than 70 stores in 21 states, according to its website.
Cost Plus began as a store at San Francisco’s Fisherman’s Wharf in 1958 that promoted goods from around the world. It now operates about 260 stores selling furniture and other home items. Bed Bath purchased the chain in 2012.
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