![]() ![]() The home and decor market that rooms + spaces is targeting, meanwhile, is huge and growing, she says, but already full with experienced, large players. "They got a great deal," retail consultant Liza Amlani says, but that's not to suggest that either venture is without risk. Putman says he would have been prepared to start with even more locations, but landlords had other tenants in mind.Ī major one of those tenants was revealed in a separate piece of news on Wednesday, as Canadian Tire announced it would be taking over 10 former Bed Bath & Beyond stores and converting them into Mark's Work Wearhouse and Pro Hockey Life locations.įinancial terms for Putman's transaction were not released, but the price tag for Canadian Tire's deal - $1.6 million to acquire 10 leases - suggests landlords were keen to find people to take over as many of Bed Bath & Beyond's several dozen locations as possible. The company will be hiring about 500 people off the bat, and the venture will be led by Greg Dyer, the former general manager for Bed Bath & Beyond in Canada. In total, rooms + spaces will launch with 800,000 square feet of retail space, plus an e-commerce website. "In some cases, there were other retailers that were interested and in some cases, the deals just didn't make sense to do it, anywhere that we're not, we're still looking," he said. That's less than half of the 60-odd locations that Bed Bath & Beyond took up, and Putman says he would have been happy to take in more. Putman's endeavour will start with 21 locations scattered across Ontario, British Columbia, Alberta, Saskatchewan and Newfoundland and Labrador. "We felt like we could put together a team that could service the Canadian marketplace, the way that Bed Bath & Beyond used to." That's a reference to Putman's previous retail ventures, all of which follow a similar pattern: coming in and either moving into former locations of a defunct chain, or in some cases buying up the brand itself. "That is kind of the story with most things that we buy - good companies that have just lost their way," he said. Can a 34-year-old Canadian business school dropout rescue Britain's HMV?.It was announced back in February that all Bed Bath & Beyond stores in Canada were being shuttered. Ten former Bed Bath & Beyond locations in Alberta, BC, and Ontario have been leased to Canadian Tire Corporation (CTC), which will transform the spaces into Mark's and Pro Hockey Life stores. When it comes to physical former Bed Bath & Beyond stores in Canada, there has been movement there, too. The US Bankruptcy Court for the District of New Jersey approved Overstock's winning bid at a sale hearing on Tuesday. The Bed Bath & Beyond assets acquired include website and domain names, trademarks, tradenames, patents, customer database, loyalty program data, and other brand assets related to the Bed Bath & Beyond banner. "Bed Bath & Beyond is an iconic consumer brand, well-known in the home retail marketplace." "This acquisition is a significant and transformative step for us," said Overstock CEO, Jonathan Johnson in a news release. New and existing customers of both Overstock and Bed Bath & Beyond will experience a single online shopping destination - bedbathandbeyond.ca in Canada and in the US. Overstock, a US-based company, says within the next week it plans to relaunch the Bed Bath & Beyond domain in Canada, followed weeks later by the relaunch of a refreshed website, mobile app, and loyalty program in the United States. Bed Bath & Beyond has risen from the retail dead in Canada, with a new online store launching in the country soon. ![]()
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