Overstock.com offers Bed Bath & Beyond IP assets
A “Store Closing” banner at a Bed Bath & Beyond store in Farmingdale, New York, on Friday, June 6. January 2023.
Johnny Milano | Bloomberg | Getty Images
Bed Bath & Beyond’s brand name may be the only part of the failed retailer that lives on.
The home goods chain, which also owns Buy Buy Baby stores, received a $21[ads1].5 million offer from the online retailer Overstock.com for some of its assets, including its intellectual property, according to court papers filed Tuesday.
Overstock.com’s stalking horse bid — which will set the floor in the expected bankruptcy auction — also includes the business’s Internet and mobile properties and all business data. The offer does not include Bed Bath & Beyond or Buy Buy Baby’s retail locations, which are running sales.
Competing bids must be submitted by Friday. Bed Bath said in a statement that it is still soliciting other offers. The auction is expected to take place on 21 June.
The sale process was recently extended as discussions had continued with potential bidders pursuing the horse.
In recent weeks, discussions have centered around the Buy Buy Baby assets, often considered the crown jewel of the Bed Bath & Beyond portfolio. The Buy Buy Baby properties in particular had attracted interested bidders.
It had long been assumed that Bed Bath & Beyond’s stores would not attract interest, although CNBC previously reported that bidders were interested in its digital assets.
Bed Bath & Beyond had filed for Chapter 11 protection in April, after months of numerous failed turnarounds and bankruptcy warnings.
The retailer had 360 namesake and 120 Buy Buy Baby locations open when it filed for bankruptcy. It had previously committed to closing all its Harmon FaceValue stores.
