UNION, N.J.— Bed Bath & Beyond Inc. has completed the sale of Cost Plus World Market to Kingswood Capital Management, a Los Angeles-based private equity firm. Both companies have agreed to a transition services agreement following the close of the transaction to help ensure business continuity.
Bed Bath first announced the sale, the last of its non-core banners, in mid-December.
“The completion of this transaction marks the conclusion of our work to streamline our portfolio,” said President and CEO Mark Tritton. “These efforts will help fund our transformation and put us in the position to start fiscal 2021 with a more cohesive set of core businesses in home, baby, beauty and wellness. We remain committed to driving sales and margin growth, generating cash and investing in our business plan to drive shareholder value.”
In other company news, Bed Bath & Beyond Inc. named former Macy’s executive Mara Sirhal senior vice president and general manager for Harmon Health and Beauty Stores, effective immediately. Sirhal will report to Joe Hartsig, executive vice president and chief merchandising officer at Bed Bath & Beyond Inc. and president of Harmon Health and Beauty Stores.
Sirhal will lead all operational aspects of the business, including retail, online and distribution, and is charged with developing and implementing an improved customer value proposition to drive strong growth, Bed Bath & Beyond said.
Sirhal joins with almost 20 years of experience in retail, merchandising, store operations, beauty and wellness at Macy’s Inc, where she was most recently vice president and divisional business manager for Leased, Licensed, Retail as a Service and Retail Diversity Strategy. Prior to this, she held a number of strategic merchandising roles at the retailer, including as vice president and divisional business manager for fragrances, bath and body merchandising in the Beauty division. In this role she was responsible for buying, planning, digital and inventory management, and delivered significant growth in comp sales and market share, Bed Bath said. Sirhal was awarded Macy’s Merchant of the Year in 2018.