Home products retailer Bed Bath & Beyond is in talks to sell some assets to Sycamore Partners of New York City in order to relieve financial pressures. The New Jersey-based retailer counted 953 stores in North America last year, including 65 outlets in Canada. Last November, Sycamore agreed to buy the assets of Lowe’s Canada, including RONA and Réno-Dépôt, for $400 million plus a performance consideration. That deal is expected to close in the first quarter of this year.
The New York Times reports that “Bed Bath & Beyond overexpanded and struggled to remain competitive.” According to the NYT article, the retailer is interested in selling its Buy Buy Baby stores, plus other assets, to Sycamore. It is looking for fresh funds after “a disappointing holiday season,” the newspaper reported. Bed Bath & Beyond announced revenues of $7.87 billion last year.
