UNION, N.J. and CARLE PLACE, N.Y., July
21, 2020 /PRNewswire/ -- Bed Bath & Beyond
Inc. (Nasdaq: BBBY) and 1-800-FLOWERS.COM, Inc. (Nasdaq: FLWS)
today announced that the companies have entered into a settlement
agreement with respect to the litigation relating to the previously
announced sale of PersonalizationMall.com.
As part of this agreement, 1-800-FLOWERS.COM has agreed to
move forward with its purchase of PersonalizationMall.com from Bed
Bath & Beyond for $245 million,
subject to certain working capital and other adjustments. The
companies anticipate the transaction to close on or before
August 3, 2020, subject to customary
closing requirements. The closing of the transaction is not subject
to any regulatory or financing conditions.
Upon close of the transaction, Bed Bath & Beyond will
withdraw its existing litigation against 1-800-FLOWERS.COM and
800-FLOWERS, INC. related to the purchase agreement previously
announced on February 18, 2020.
Advisors to Bed Bath & Beyond on this transaction
include Goldman Sachs & Co LLC and Proskauer
Rose LLP.
Advisors to 1-800-FLOWERS.COM on this transaction include
Citigroup Global Markets, Inc. and Cahill
Gordon & Reindel LLP.
About 1-800-FLOWERS.COM, INC.
1-800-FLOWERS.COM, Inc. is a leading provider of gifts designed
to help customers express, connect and celebrate. The
Company's Celebrations Ecosystem features our all-star family of
brands,
including: 1-800-Flowers.com®, 1-800-Baskets.com®, Cheryl's
Cookies®, Harry & David®, Shari's
Berries®, FruitBouquets.com®, Moose Munch®, The
Popcorn Factory®, Wolferman's Bakery℠, Personalization
Universe®, Simply Chocolate®, and Goodsey®. We also offer
top-quality steaks and chops from Stock Yards®. Through
the Celebrations Passport® loyalty program, which provides
members with free standard shipping and no service charge across
our portfolio of brands, 1-800-FLOWERS.COM, Inc. strives to deepen
relationships with customers. The Company also
operates BloomNet®, an international floral wire service
providing a broad-range of products and services designed to help
professional florists grow their businesses
profitably; Napco℠, a resource for floral gifts and seasonal
décor; and DesignPac Gifts, LLC, a manufacturer of gift baskets and
towers.1-800-FLOWERS.COM, Inc. was recognized as the 2019
Mid-Market Company of the Year by CEO Connection. Shares in
1-800-FLOWERS.COM, Inc. are traded on the NASDAQ Global Select
Market, ticker symbol: FLWS. For more information,
visit 1800flowersinc.com or
follow @1800FLOWERSInc on Twitter.
About Bed Bath & Beyond Inc.
Bed Bath & Beyond Inc. and subsidiaries (the "Company") is
an omnichannel retailer that makes it easy for our customers to
feel at home. The Company sells a wide assortment of domestic
merchandise and home furnishings. The Company also provides a
variety of textile products, amenities and other goods to
institutional customers in the hospitality, cruise line, healthcare
and other industries. Additionally, the Company is a partner
in a joint venture which operates retail stores in Mexico under the name Bed Bath &
Beyond.
Forward Looking Statements
This press release contains forward-looking statements,
including, but not limited to, the closing of the sale of
PersonalizationMall.com and the timing thereof. Many of these
forward-looking statements can be identified by use of words such
as may, will, expect, anticipate, approximate, estimate, assume,
continue, model, project, plan, goal, and similar words and
phrases, although the absence of those words does not necessarily
mean that statements are not forward-looking. Actual results may
differ materially from those expressed in any such forward-looking
statements as a result of many factors, including those specified
above. Neither Bed Bath & Beyond Inc. nor
1-800-FLOWERS.COM, Inc. undertakes any obligation to update any
such forward-looking statements.
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SOURCE Bed Bath & Beyond Inc.