Entrepreneur Doug Putman picked up 31 former Bed Bath & Beyond locations for just $2 million, including fixtures. He says he’s planning to add Canadian items, hire 500 people and launch by early July.
The Canadian entrepreneur who last made a splash betting on a revival of Toys “R” Us Canada is getting into the home store business, with plans to open a new retail chain in 21 recently vacated Bed Bath & Beyond locations.
“I like the challenge of it. And so in some ways, this is essentially that, because you are taking over spaces that were a Bed Bath previously and the business obviously wasn’t doing well,” he said, adding that while sheet thread count and expensive towels are not his thing, the business side of it is.Bed Bath & Beyond filed for creditor protection in Canada in February and looked to sell off 65 store leases.
He hopes to address those issues through strong relationships with suppliers and a focus on local products. His new chain will include some of the brands previously stocked by Bed Bath & Beyond but introduce more Canadian options in place of its predecessor’s private-label brand. The youthful serial turnaround specialist is also behind a revival of the Sunrise Records business, bought the U.K.’s HMV out of bankruptcy andin former DavidsTea locations in the early days of the pandemic.
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