By Jeremy Hill | Bloomberg
The physical stores of BuyBuy Baby, once considered a prized asset of Bed Bath & Beyond, are set to close as no suitable offers were received in the bankruptcy auction, according to court documents.
Last month, BuyBuy Baby’s intellectual property was acquired by New Jersey-based baby goods company Dream on Me Industries Inc. through a bankruptcy auction. However, despite efforts from advisers, no buyer emerged for the entire business. A hearing to approve the sale of the intellectual property is scheduled for July 11, as mentioned in the court papers.
SEE MORE: Bed Bath & Beyond is coming back, in name only, after Overstock buys brand
This failed sale marks the end of a challenging period for BuyBuy Baby and its parent company, which is also undergoing closure. BuyBuy Baby was a crucial component of last-ditch attempts to prevent Bed Bath & Beyond from filing for bankruptcy, as it was seen as a promising aspect of the struggling business.
In the previous month, Bed Bath & Beyond sold its flagship brand to online-only retailer Overstock.com Inc. for $21.5 million. Overstock has since expressed its plans to relaunch Bed Bath & Beyond’s online presence.
Bed Bath & Beyond representatives have not yet responded to requests for comment.
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