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 $21.5 million offer from online retailer Overstock.com for some of its assets, including its intellectual property, according to court papers filed Tuesday.
related investing news
Overstock.com’s stalking horse bid – which will set the floor at the expected bankruptcy-run auction – also includes the business internet and mobile properties and all business data. The offer doesn’t include Bed Bath & Beyond or Buy Buy Baby’s store locations, which are running going-out-of-business sales.
Competing bids are due by Friday. Bed Bath said in a statement it is still soliciting other offers. The auction is expected to take place June 21.
The sale process had been extended recently as discussions had continued with prospective stalking horse bidders.
In recent weeks discussions have centered around the assets for Buy Buy Baby, often considered the crown jewel of the Bed Bath & Beyond portfolio. The Buy Buy Baby assets in particular had attracted interested bidders.
It’s long been thought that Bed Bath & Beyond’s stores wouldn’t attract interest, although CNBC previously reported that bidders were interested in its digital assets.
Bed Bath & Beyond had sought chapter 11 protection in April, following months of numerous failed turnaround efforts and bankruptcy warnings.
The retailer had 360 namesake stores and 120 Buy Buy Baby locations that were open when it filed for bankruptcy. It had previously committed to closing all of its Harmon FaceValue stores.