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Bed Bath & Beyond partners with Home & More to expand into Mexico

May 14, 2008 Bed Bath & Beyond Inc. announced the formation of a joint venture with Home & More, S.A. de C.V., a privately-held home products retailer operating in Mexico. As a result of a $4 million investment, Bed Bath & Beyond Inc. becomes a 50% equity holder in a newly formed entity currently operating two stores in Mexico City under the name Home & More, which offer a broad assortment of products for the home. Bed Bath & Beyond recently opened its first international store in Richmond Hill, Ontario, Canada, has signed or is in final documentation for approximately a dozen sites in Canada, and is actively negotiating another dozen sites as it looks forward to its expansion throughout the country.

"Following on our successful entry into Canada, we are excited to be entering Mexico with the strong management team of Home & More as our partners. We believe their depth of retail experience and local knowledge in Mexico supports our partnership's short and long-term prospects for growth within Mexico," said BB&Y CEO Steven H. Temares. "We believe there is a significant opportunity for future growth throughout Mexico." Bed Bath & Beyond Inc. does not expect the Mexican joint venture to have a material effect on its overall results or financial condition for fiscal 2008.

Posted by Susan Dickenson on May 14, 2008 | Comments (0)