Murray, Utah — Beyond, Inc., owner of Bed Bath & Beyond, buybuy BABY and Overstock, has agreed to sell its Zulily brand to Lyons Trading Company, the operator of leading online off-price retailer Proozy.com. Beyond will receive $5 million while maintaining a 25% stake in the brand.
“We have made significant progress in improving the performance of Bed Bath & Beyond and Overstock.com through sequential margin improvement, improved site experience, vendor consolidation and right-sizing our fixed expenses. With the recent acquisition of buybuy Baby, we want our team laser focused on our core brands as we march towards profitability,” says Adrianne Lee, Beyond’s president and CFO.
“This sale reflects our commitment to resource optimization, our mandate to delivering profits for our home and family-centric brands, and a focus on our largest growth opportunities as a company,” says Alex Thomas, COO of Beyond.
Beyond, Inc., based in Murray, Utah, is an e-commerce focused affinity company that owns or has ownership interests in various retail brands. The company currently owns Bed Bath & Beyond, Overstock, buybuy Baby and other related brands and websites.
SOURCE: Beyond, Inc.