Overstock.com accomplished its $21.5 million purchase of the Bed Bath & Beyond brand, mental property and e-commerce platform Wednesday after a U.S. bankruptcy judge approved the deal.
Overstock plans to relaunch the Bed Bath & Beyond domain in Canada over the following week, followed by a revamped website, mobile app, and loyalty program within the U.S. a few weeks later.
U.S. bankruptcy judge Vincent Papalia approved the sale at a court hearing in Newark, Latest Jersey, saying he was “glad” to see a bidder to retain the Bed Bath & Beyond brand.
Overstock emerged because the winning bidder for the corporate’s mental property in a deal price $21.5 million, in line with court records. Bed Bath & Beyond stores and supplies will not be a part of the deal.
Bed Bath & Beyond, the once high-profile retailer, filed for Chapter 11 bankruptcy protection in April after years of combating declining sales and a failed merchandising strategy.
![Bed Bath & Beyond Store](https://nypost.com/wp-content/uploads/sites/2/2023/06/NYPICHPDPICT000013336535.jpg?w=1024)
Bed Bath & Beyond is holding a separate auction for its Buy Buy Baby chain, which sells baby and toddler products. In keeping with media reports, the Buy Buy Baby assets attracted interest from investment firms Go Global Retail and Sixth Street Partners.
Bed Bath & Beyond can be making good progress in liquidating its retail space and finalizing lots of of lease transfer deals after yesterday’s successful lease auction, company attorney Emily Geier told Pappalii.
Bed Bath & Beyond’s negotiations with its lenders didn’t go so easily, and the corporate went to court Wednesday to defend a $240 million loan it took out firstly of bankruptcy proceedings. A bunch of junior bondholders alleged on Tuesday that the bankruptcy loan was based on inaccurate financial information, causing Bed Bath and Beyond to borrow extra money than it needed and undermining potential repayments for junior creditors.
The firm’s lawyers defended the bankruptcy loan, saying it was negotiated in good faith and provided the mandatory funds for an organized sale of assets.