“Shop Closing” banner on the Bed Bath & Beyond store in Farmingdale, Recent York, Friday, January 6, 2023.
Johnny Milan | Bloomberg | Getty’s paintings
The Bed Bath & Beyond brand often is the only a part of the failed retailer that has survived.
The homeware chain, which also owns Buy Buy Baby stores, has received a $21.5 million bid from the web retailer overstock.com for a few of its assets, including mental property, based on court documents filed Tuesday.
Overstock.com’s stalking horse bid – which is able to set the ground for the much-anticipated bankruptcy-led auction – also includes business web and mobile real estate and all business data. The offer doesn’t include A shower in bed and more or Buy Buy Baby store locations which are running closure sales.
Competitive offers will be submitted until Friday. Bed Bath said in a press release it was still soliciting other offers. The auction is scheduled for June 21.
The sale process was recently prolonged as talks were underway with potential bidders for the sneak horses.
In recent weeks, discussions have centered across the Buy Buy Baby asset, often considered the crown jewel of the Bed Bath & Beyond portfolio. The Buy Buy Baby assets specifically attracted interested bidders.
It had long been thought that the Bed Bath & Beyond stores would generate little interest, although CNBC previously reported that bidders were fascinated by its digital assets.
Bed Bath & Beyond sought Chapter 11 protection in April, after months of diverse failed recovery efforts and bankruptcy warnings.
The retailer had 360 eponymous stores and 120 Buy Buy Baby stores that were open when it filed for bankruptcy. It previously committed to closing all of its Harmon FaceValue stores.