Bed Bath & Beyond Buys buybuyBABY
March 26, 2007-- Home Textiles Today,
Adding to its expanding retail portfolio, Bed Bath & Beyond has acquired buybuyBABY, an eight-store infant products chain founded by Richard and Jeffrey Feinstein, two sons of Bed Bath & Beyond co-founder and co-chairman Leonard Feinstein.
The superstore retailer said it paid about $67 million in cash, in addition to paying about $19 million to erase debt, to purchase the buybuyBaby chain based in Garden City, N.Y.
The buybuyBABY stores range in size from 28,000 to 60,000 square feet and offer a broad assortment of infant and toddler merchandise in bed and bath, furniture, car seats, strollers, feeding toys, clothing, and learning products.
Steven Temares, Bed Bath & Beyond ceo, said, "We believe the addition of buybuyBABY to our Bed Bath & Beyond, Christmas Tree Shops, and Harmon Stores concepts is an excellent strategic fit, which will strengthen our company and permit us to satisfy our customers in new ways." Temares added, "We believe this category of business has tremendous growth potential."
The chain was founded in 1996 by the Feinstein brothers, both of whom had previously worked at Bed Bath & Beyond. The two will remain with buybuyBaby and continue to run its operations.