Doug Putman, a Canadian retail sector investor, is launching a new home store chain in 21 former Bed Bath & Beyond and buybuy BABY locations throughout Canada.
The retail investor is known for buying struggling retailers like HMV and Toys “R” Us. In a media release Wednesday, he said he’s opening a store called rooms + spaces, hiring 500 employees with more positions also on the way.
The former general manager of Bed Bath & Beyond Canada, Greg Dyer, will head the new organization.
Bed Bath & Beyond was granted creditor protection earlier this year, and its U.S. parent company followed suit in April.
READ MORE: Zellers opens in Hudson’s Bay stores in Burlington, St. Catharines
Putman’s firm Putman Investments Inc. is acquiring leases totalling over 800,000 square feet. He believes that Canada’s retail sector presents a significant investment opportunity.
Putman notes that Canadians are eager for enjoyable in-store shopping experiences particularly when it comes to home goods.
The new retailer will open locations this summer in Ontario, British Columbia, Alberta, Saskatchewan and Newfoundland.
READ MORE: PRESTO system now accepting debit tap payments in many parts of GTA
