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Divestitures and Assets Held-For-Sale
6 Months Ended
Aug. 29, 2020
Discontinued Operations and Disposal Groups [Abstract]  
Divestitures and Assets Held-For-Sale Divestitures and Assets Held-For-Sale
The Company has included businesses classified as held for sale within its continuing operations as their dispositions do not represent a strategic shift that will have a major effect on the Company’s operations and financial results. At February 29, 2020, assets and liabilities that were classified as held for sale were $98.1 million and $43.1 million, respectively, and related to the Company's Personalization Mall.com ("PMall") and One Kings Lane ("OKL") businesses, which were sold during fiscal 2020, as further described below. There were no businesses classified as held for sale as of August 29, 2020.
On February 14, 2020, the Company entered into a definitive agreement to sell PMall to 1-800-FLOWERS.COM, Inc. for $252 million, subject to certain working capital and other adjustments. The buyer was required to close the transaction on March 30, 2020, but failed to do so. Accordingly, the Company has filed an action to require the buyer to close the transaction. On July 20, 2020, the Company entered into a settlement agreement with respect to the litigation. Under this agreement, 1-800-FLOWERS.COM agreed to move forward with its purchase of PMall from Bed Bath & Beyond for $245 million, subject to certain working capital and other adjustments. The transaction closed on August 3, 2020. Net proceeds from the sale of PMall were $244.8 million, subject to certain working capital and other adjustments, and the Company recognized a gain on the sale of approximately $189.5 million, which was recorded in gain on sale of business in the consolidated statement of operations for the three and six months ended August 29, 2020. Upon the close of the transaction, Bed Bath & Beyond withdrew the litigation against 1-800-FLOWERS.COM and 800-FLOWERS, INC.

On April 13, 2020, the Company completed the sale of One Kings Lane (“OKL”). Proceeds from the sale were not material.