A Bed Bath & Beyond retail store in Hawthorne, California, which closed permanently on May 1, 2023, showcases signage to the public.
Photograph by Patrick T. Fallon, published by AFP, via Getty Images
The once-famous retail brand, Bed Bath & Beyond, is set to exist only in name following the outcome of an auction in which Overstock.com emerged as the winning bidder for the bankrupt company’s intellectual property and digital assets. This information is detailed in court records from early Thursday.
The online discount retailer, Overstock, was selected as the stalking horse bidder and will acquire Bed Bath’s brand name, business data, and digital assets for the sum of $21.5 million, according to the court records. The news of the auction victory propelled Overstock’s shares to surge by approximately 8% in premarket trading.
It should be noted that the sale does not include the continuation of Bed Bath’s physical retail stores. The purchase price remains the same as Overstock’s stalking horse bid, which initially set the minimum price for the auction, suggesting that there were no higher or more enticing offers submitted for Bed Bath’s assets.
While Jowa Brands was designated as the backup bidder solely for Bed Bath’s Wamsutta brand, which consists of a line of private sheets and towels, Ten Twenty Four, a software company operating as Beyond Pricing, was chosen as the backup bidder for the retailer’s Beyond.com asset. In the event that the deal with Overstock falls through, Ten Twenty Four may then obtain rights to the domain name.
Approval of the sale still awaits a hearing scheduled for Tuesday.
In an unusual move, Bed Bath decided to run a separate sale process for its highly coveted asset, the Buy Buy Baby chain. The separation allows the company to find a buyer willing to operate the banner’s physical stores, without the burden of inheriting Bed Bath’s other assets.
The Buy Buy Baby assets have attracted attention from potential buyers even prior to Bed Bath’s filing for bankruptcy in April. CNBC had previously reported that interested bidders have emerged, including those considering the preservation of the chain’s physical presence.
The auction for the Buy Buy Baby assets is scheduled to take place on Wednesday.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
