E-commerce discounter Overstock.com has acquired the remaining assets of bankrupt big-box retailer Bed Bath & Beyond, according to court filings on Thursday. Overstock.com successfully bid $21.5 million for the intellectual property and mobile platform of Bed Bath & Beyond, allowing it to continue selling the retailer’s goods online. The deal does not include Bed Bath & Beyond’s brick-and-mortar stores, which are set to close by the end of June 2023.
Bed Bath & Beyond initially waited for more attractive offers from potential buyers after Overstock.com placed the initial bid, but no other offers materialized. The backup bidder, JOWA Brands, only bid on Bed Bath & Beyond’s private sheets and towels label, Wamsutta. The sale is pending approval from a hearing.
In addition, Bed Bath & Beyond plans to sell its baby-goods store Buy Buy Baby, which has generated significant interest from prospective buyers. The date of that auction is yet to be determined.
Bankruptcy blues
In April, Bed Bath & Beyond filed for bankruptcy after experiencing declining sales and failing to adapt to the rise of online shopping. Between 2022 and 2023, the retailer’s revenue plunged, and its stock price fell 70%. The company had previously announced store closures and job cuts as part of its efforts to strengthen its corporate strategy.
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