Bed Bath & Beyond Sells Cost Plus World Market and Adidas May Be Selling Off Big Brand Reebok
Bed Bath & Beyond
On Monday, major retailer Bed Bath & Beyond announced that it has entered into an agreement to sell Cost Plus World Market for an undisclosed amount to a private firm based out of Los Angeles. This sale includes 243 brick and mortar stores, two distribution facilities an e-commerce business and a corporate office in Alameda, California,
This is all part of Bed Bath & Beyond’s three-year transformation plan to get rid of non-core assets and buy back stock with the proceeds. Company shares fell 1% in Monday trading.
For those who don’t know, Adidas acquired Reebok back in 2006 for $3.8 billion. Since then, the company has had a small level of success but in the face of the pandemic, returns haven’t been so stellar.
At the beginning of the week, Adidas revealed that it is exploring different possibilities for the big brand, including a potential sale. It is being said that the announcement will take place on March 10, 2021, the day the company will be announcing its fiscal fourth-quarter earnings results and host its investor day event.
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