Canadian retail sector investor Doug Putman is opening a new home store retailer in 21 former Bed Bath & Beyond BBBY-Q and buybuy BABY locations across Canada.
Mr. Putman, known for buying struggling retailers such as Toys “R” Us and HMV, said in a press release Wednesday he’s launching a store called rooms + spaces, hiring 500 associates with more positions on the way.
The new company will be led by Greg Dyer, former general manager of Bed Bath & Beyond Canada, which was granted an initial order for creditor protection earlier this year, with its U.S. parent company following suit in April.
Mr. Putman’s firm Putman Investments Inc. is acquiring leases totalling more than 800,000 square feet.
Mr. Putman says he sees a strong investment opportunity in Canadian retail, and says Canadians are craving enjoyable in-store shopping experiences, especially when it comes to home goods.
The new retailer will open locations this summer in British Columbia, Alberta, Saskatchewan, Ontario and Newfoundland.