These plans are expected to result in nearly $85 million of reduction in annual SG&A expenses. To this end, it earlier revealed plans to eliminate nearly 500 positions to reduce workforce and generate significant cost savings in the long term. The sale is also expected to fund its transformation program.Īs part of the transformation plan, the company is making efforts to reorganize and simplify field operations, reduce management positions and outsource several functions. The net proceeds from this sale will be utilized to help the company strengthen its financial position in order to stay afloat during this ongoing COVID-19 crisis. It has also launched Buy-Online-Pickup-In-Store and contactless Curbside Pickup services in a bid to enhance customers’ shopping experience. This move is in sync with the company’s restructuring efforts to focus on its core categories, including Home, Baby, Beauty and Wellness. However, the deal closure got delayed as 1-800-FLOWERS.COM was short of resources due to COVID-19. Initially, it had entered into a definitive agreement in February to sell the business to 1-800-Flowers and was supposed to be closed on Mar 30. Even after the sale, will continue to support Bed Bath & Beyond and buybuy BABY stores. However, certain customary closing conditions are yet to be fulfilled. BBBY has successfully completed the divestment of to 1-800-FLOWERS.COM for $245 million.
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