Bed Bath & Beyond Inc. (NASDAQ: BBBY) today announced that it has entered into a definitive agreement to sell its PersonalizationMall.com business to 1-800-FLOWERS.COM, Inc. for $252 million, subject to certain working capital and other adjustments.

Commenting on the transaction, Mark Tritton, Bed Bath & Beyond's President & Chief Executive Officer, said, "This transaction is another important step towards simplifying our portfolio and deepening our focus on our core Home, Baby and Beauty businesses. By unlocking valuable capital from within our business, we can accelerate the Company's ongoing business transformation and our efforts to re-establish Bed Bath & Beyond's authority in the Home space."

Bed Bath & Beyond, together with its outside advisors, will continue to optimize the Company's portfolio of retail concepts and owned real estate to support the transformation and enhance shareholder value.

The closing of the transaction is subject to customary closing conditions, including, among others, the expiration or termination of the applicable waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976.

Following the closing of the transaction, PersonalizationMall.com will continue to provide product and personalization services to Bed Bath & Beyond and buybuy BABY. The transaction is expected to close during the Company's fiscal 2020 first quarter.

Advisors to Bed Bath & Beyond on this transaction included Goldman Sachs & Co LLC and Proskauer Rose LLP.