Today In Retail: Bed Bath & Beyond Completes Sales Of Cost Plus World Market; Starbucks To Help Out Washington State With Vaccine Distribution
In today’s top retail news, Bed Bath & Beyond said it has finished its sale of Cost Plus World Market (CPWM) to a private equity firm, while Starbucks will help Washington state with the distribution of coronavirus vaccines. Plus, Office Depot has rejected a $2.1 billion offer from Staples to buy the company outright, but says it is open to other possibilities.
Bed Bath & Beyond Inc. announced that it has completed its sale of Cost Plus World Market (CPWM) to Kingswood Capital Management. Bed Bath & Beyond’s advisers on the arrangement included B. Riley Securities Inc. and Bryan Cave Leighton Paisner LLP. Bed Bath & Beyond Inc. said in December that it had entered into a definitive deal to sell Cost Plus to Kingswood.
Starbucks will help out Washington state with the distribution of the coronavirus vaccine. The retailer has tasked 11 staffers with full-time work in distributing the vaccine there. Those individuals have expertise in labor and deployment, operations and R&D. Assigned staffers will harness the coffee retailer’s simulation technology to find methods to accelerate vaccinations.
Office Depot is turning down a $2.1 billion offer from Staples to purchase the firm outright, but it is offering to sell only Office Depot’s retail business or bring together Office Depot and Staples stores and operate them as a joint venture. “We are open to combining our retail and consumer-facing eCommerce operations with Staples under the right set of circumstances and on mutually acceptable terms,” the board of Office Depot owner ODP Corp. said in a letter to Staples’ parent company.
The count of U.S. convenience stores dropped 1.6 percent in 2020 as the coronavirus pandemic depressed key fuel sales and physical retail contracted in general. However, a number of shops are fighting back with digital technology in addition to other innovations. The 2021 NACS/Nielsen Convenience Industry Store Count determined that America had just under 150,275 operating convenience stores as of December 2020, marking a decline from 152,720 a year prior.