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Article: BED BATH & BEYOND BUYS INTO BEAUTY.(Bed, Bath and Beyond Inc. acquires Harmon Stores Inc.)(Brief Article)
- Article from:
- WWD
- Article date:
- March 8, 2002
- Author:
CopyrightCOPYRIGHT 2002 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- Bed Bath & Beyond may be the beauty industry's next formidable player. On Tuesday, March 5, the domestics superstore gained instantaneous access to the health and beauty aids industry with the all-cash acquisition of Cedar Grove, N.J.-based Harmon Stores Inc. The purchase price was not disclosed.
Harmon's 27 units, which generate an estimated $40 million to $50 million in annual sales, could help the specialty retailer learn about beauty -- a product area analysts said Bed Bath & Beyond has identified as a potential area of growth.
"Strategic benefits of this deal include BBBY gaining valuable expertise into new merchandising categories," ...