Bankrupt retailer Bed Bath & Beyond is changing its strategy for selling its Buybuy Baby business. Rather than finding a buyer for the entire business, the company will now seek court approval for a limited sale of Buybuy Baby’s intellectual property assets. Previously, Dream On Me was declared as the lead bidder for the brand’s intellectual property, but no other bidder offered a higher bid. As a result, an auction scheduled for Friday was canceled. Dream On Me has agreed to pay $15.5 million in cash for Buybuy Baby’s intellectual property, including the brand name, sales data, websites, and mobile apps.
Bed Bath & Beyond will present the Buybuy Baby IP sale for court approval at a hearing on Tuesday. This move mirrors the retailer’s previous strategy when it sold its own intellectual property, such as its name, customer data, and online assets, to Overstock.com for $21.5 million. Overstock.com plans to rebrand itself as an online-only version of Bed Bath & Beyond without acquiring any of the bankrupt retailer’s stores or inventory.
Bed Bath & Beyond filed for Chapter 11 bankruptcy protection in April, after struggling with declining sales and an unsuccessful merchandising strategy. The company’s decision to sell its Buybuy Baby business signals a shift in its approach to restructure and recover from its financial challenges. Neither Dream On Me nor Bed Bath & Beyond has provided a comment on the latest development.
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