Kirkland's Inc. partners with Beyond, the parent company of Bed Bath & Beyond, to become the exclusive brick-and-mortar operator for a new generation of smaller-format Bed Bath & Beyond stores. The investment signifies a pivotal moment for both companies as they navigate the evolving retail landscape and leverage their strengths to drive growth.
Kirkland's Inc. has successfully completed a $25 million investment deal with Beyond, the parent company of renowned retail brands like Bed Bath & Beyond , Overstock, Zulily, and BuyBuy Baby. This strategic partnership positions Kirkland's as the exclusive brick-and-mortar operator and licensee for a new generation of smaller-format Bed Bath & Beyond stores, set to launch nationwide later this year.
The deal signifies a pivotal moment for Kirkland's, as it embarks on a journey of transformation and growth alongside Beyond. The company's shareholders overwhelmingly approved the investment, with 97% voting in favor of issuing common stock shares.Beyond's investment, consisting of an $8 million equity purchase and the conversion of an $8.5 million term loan into common stock, follows a special shareholder meeting held this past Wednesday. As a result, Beyond now owns approximately 40% of Kirkland's outstanding shares, demonstrating a strong commitment to the partnership.This collaboration is crucial for Beyond's revitalization strategy for Bed Bath & Beyond, which filed for bankruptcy in April 2023. The new, smaller-format stores aim to address the challenges faced by the once-retail giant, including declining foot traffic, supply chain issues, and intense competition from online retailers. By focusing on neighborhood-based retail experiences, Beyond seeks to reestablish Bed Bath & Beyond's presence in a more efficient and sustainable manner. In addition to the Bed Bath & Beyond acquisition, Beyond recently secured the global rights to Buy Buy Baby, a popular baby-focused brand, for $5 million. This strategic move further expands Beyond's portfolio and strengthens their position within the retail landscape.Kirkland's CEO Amy Sullivan expressed optimism about the partnership's potential to unlock new growth opportunities for the company. She emphasized the importance of leveraging Kirkland's expertise in merchandising, store operations, and supply chain management to build a cohesive omni-channel strategy for Beyond's brands. Marcus Lemonis, executive chairman of Beyond, echoed this sentiment, stating their commitment to leveraging the strengths of both companies to drive sustainable growth.
INVESTMENT RETAIL BED BATH & BEYOND KIRKLAND's BEYOND PARTNERSHIP OMNICHANNEL STRATEGY NEW STORE FORMATS BANKRUPTCY BUY BUY BABY
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