Kirkland’s Among Recent Acquisitions Being Folded Into New Structure
(UCBJ) – Bed Bath & Beyond Inc. (BBW) will move its corporate headquarters to Nashville from Utah, following the company’s rebrand as Neighborhood Intelligence, according to a report by The Nashville Post.
On Monday, the retail company began trading on the Nasdaq stock exchange under its new ticker symbol NXH, after previously being listed on the exchange under the Bed Bath & Beyond name, BBBY.
No employment information has been released.
From the Report:
"Our decision to relocate to Nashville reflects the culture we are building and the talent we intend to attract," Marcus Lemonis, Bed Bath & Beyond (as noted, now called Neighborhood Intelligence) executive chairman and CEO, wrote in his letter to shareholders.
"Nashville is already home to several of our largest businesses and provides an outstanding environment for entrepreneurship, technology, creativity, and collaboration."
The company is working to integrate several businesses from recent acquisitions, including Kirkland’s, which was previously headquartered in Brentwood.
Kirkland’s fell into three pillars, according to the letter from the company:
- Omni-channel retail
- Home services
- Home ownership
The letter hints at an artificial intelligence component to connect all the company’s brands.
“We believe the growth of the company, combined with that infrastructure shedding, positions us to become a mid-to-high EBITDA business in a mid-cycle housing market. That matters not only because it makes us a more efficient operator, but because every dollar of sustainable earnings and cash flow we create increases our capacity to invest in our platform, serve our customers, and deliver long-term shareholder value,” according to the letter.
Photo via Valerie Everett.
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