Harmon has 27 units in Connecticut, New York and New Jersey, averaging 6,600 square feet, and is known for its competitive pricing and deep inventory operating philosophy. Bed Bath & Beyond, based in Union, N.J., is an operator of 396 stores across the country and sells household products, fixtures and furnishings, as well as an array of personal care products. The company’s stock Tuesday closed down $2.23, or 6.5 percent, at $31.98 in Nasdaq trading prior to the announcement.
According to a company statement, Bed Bath & Beyond acquired Harmon in an all cash deal. The acquisition will not affect fiscal 2001 results, which will be released April 3, and isn’t expected to have a material effect on 2002 results. Principals of Harmon, which include Naomi and Robert Germano, and Bed Bath & Beyond officials were not available for comment.