This excerpt taken from the BBBY 8-K filed May 15, 2008.
a Home Products Retailer in Mexico
UNION, N.J., (May 14, 2008) Bed Bath & Beyond Inc. today 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 including, domestics merchandise, home furnishings and giftware. Bed Bath & Beyond Inc. believes that the Mexican joint venture will not have a material effect on its overall results or financial condition for fiscal 2008.
This announcement follows the opening this past year of Bed Bath & Beyonds first international store in Richmond Hill, Ontario, Canada. In addition, Bed Bath & Beyond 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 partnerships short and long-term prospects for growth within Mexico, stated Steven H. Temares, Chief Executive Officer and a Member of the Board of Directors of Bed Bath & Beyond Inc. He added, We believe there is a significant opportunity for future growth throughout Mexico.
Marc Monsonego, Chief Executive Officer of Home & More, stated, We are thrilled to partner with Bed Bath & Beyond. Our management team is eager to combine Bed Bath & Beyonds success the culture, merchandising strategies and superior customer service with our proven track record in Mexico.