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The home furnishings company sued 1-800-Flowers in April after the flower company wanted to delay its purchase of PersonalizationMall.com -- a personalized gift company -- because of the coronavirus pandemic, Reuters reported at the time.
In their settlement, the companies agreed that 1-800-Flowers would still buy PersonalizationMall.com for $245 million, “subject to certain working capital and other adjustments,” according to a press release about the settlement.
The deal is expected to close before Aug. 3.
“While we still desire to proceed with the transaction, we maintain that the conditions to closing the transaction have not been satisfied in light of the consequences of the COVID-19 pandemic, including the shut-down of the PersonalizationMall.com facilities until at least April 30, 2020,” the company said, according to Reuters.
However, Bed Bath & Beyond sued the company, arguing, “Even a calamitous event such as COVID-19 does not permit a party to avoid its obligations.”
|BBBY||BED BATH & BEYOND INC.||14.51||-0.37||-2.49%|
|FLWS||1 800 FLOWERS COM||25.16||-0.48||-1.87%|