MURRAY, Utah — Bed Bath & Beyond is taking a major step toward reviving its brick-and-mortar business, announcing a $150 million deal to acquire The Container Store and its network of over 100 locations nationwide.
Bed Bath & Beyond, which also has Overstock.com, Kirkland’s, and Buy Buy Baby, in its portfolio said it has agreed to purchase the Coppell, Texas–based retailer. The Container Store’s locations fill more than 2.2 million square feet of retail space, and the deal is expected to close in July.
In a letter to shareholders, Bed Bath & Beyond executive chairman and CEO Marcus Lemonis outlined plans to rebrand the stores as The Container Store/Bed Bath & Beyond once the deal is finalized. The strategy looks to expand The Container Store’s product assortment beyond storage and organization products to include a more broader home goods selection traditionally associated with Bed Bath & Beyond. In addition, the acquisition provides Bed Bath & Beyond with a sizable physical retail footprint…