Bed Bath & Beyond to Sell Christmas Tree Shops, Cost Plus Stores
Bed Bath & Beyond (BB&B) wants to sell its Christmas Tree Shops and Cost Plus World Market chains. BB&B bought Christmas Tree Shops in 2003 and Cost Plus in 2012. Christmas Tree Shops operates 80 stores across the country, according to its website. Cost Plus operates about 260. Separately, BB&B laid off hundreds of employees in New Jersey and Florida. The retailer will lay off 148 employees in Union, N.J., where its headquarters is located, effective Aug. 22. In closing an operations site in Ocoee, Fla., the retailer will also lay off about 220 employees, effective Aug. 22. In February, BB&B announced it would cut 500 jobs, which is 10 percent of its workforce, amid restructuring.
Total Retail's Take: BB&B, under the new leadership of former Target exec Mark Tritton, has been aggressive in trying to return the business to profitability. The decision to cut ties with the Christmas Tree Shops and Cost Plus World Market brands is likely an attempt to generate a much-needed cash infusion, which can then be used to re-invest into the flagship BB&B brand. BB&B was struggling prior to the COVID-19 pandemic, which forced it to close its stores for an extended period of time, adding to its challenges. Tritton has been aggressive in remaking the retail business in his image, including significant management changes, in an attempt to turn things around. Time will tell if he's successful.