Bed Bath & Beyond is selling its PersonalizationMall.com business to 1-800-Flowers.com for $252 million.
The cash deal includes the PersonalizationMall.com website, customer database, and 360,000-square-foot production and distribution facility in Bolingbrook, IL.
PersonalizationMall.com, which lets consumers and corporations customize a wide range of home goods and keepsake items, will become a wholly owned subsidiary of 1-800-Flower.com. Bewd Bath and Beyond acquired the company in 2016 in a $190 million cash deal.
“PersonalizationMall’s extensive product offering and industry-leading personalization capabilities will be an excellent addition to our growing family of popular gifting brands,” said Chris McCann, 1-800-Flowers.com CEO. “The broad assortment of customizable products and processes that have made PersonalizationMall.com a premier provider of keepsake items will help us further our company’s vision to inspire more human expression, connection and celebration while enhancing our position as the leading one-stop destination for all our customers’ celebratory and gifting occasions.”
PersonalizationMall.com revenues surpassed $150 million last year, McCann said, adding, “We expect PersonalizationMall.com to be accretive to our top and bottom-line results in fiscal 2021.”
Following the closing of the transaction, PersonalizationMall.com will continue to provide product and personalization services to Bed Bath & Beyond and Buybuy Baby. The deal is expected to close during the company's fiscal 2020 first quarter.
"This transaction is another important step towards simplifying our portfolio and deepening our focus on our core home, baby and beauty businesses,” said Mark Tritton, Bed Bath & Beyond's president and CEO. “By unlocking valuable capital from within our business, we can accelerate the company's ongoing business transformation and our efforts to re-establish Bed Bath & Beyond's authority in the home space."
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