A “Store Closed” sign is seen on the Bed Bath & Beyond store in Farmingdale, New York, on Friday, January 6, 2023.
Johnny Milano | bloomberg | Getty Images
The Bed Bath & Beyond brand name may be the only part of the failed retailer that’s surviving.
The home goods chain, which also owns Buy Buy Baby stores, has received a $21.5 million bid from an online retailer. Overstock.com on some of its assets, including intellectual property, according to court papers filed Tuesday.
Overstock.com’s stalking horse offering — which will mark the floor in the Bankruptcy Administration’s expected auction — also includes the business’ online and mobile properties and all business data. The offer does not include bed bath behind Or Buy Buy Baby store locations, which conduct out-of-business sales.
Competing bids are due Friday. Bed Bath said in a statement that it was still asking for further offers. The auction is expected to take place on June 21.
The sale has recently been extended as discussions continue with potential pursuit horse bidders.
Discussion in recent weeks has centered around the assets of Buy Buy Buy Baby, often considered the crown jewel of Bed Bath & Beyond’s portfolio. The Buy Buy Baby assets in particular attracted interested bidders.
It had long been thought that Bed Bath & Beyond stores would not attract interest, although CNBC previously reported that bidders were interested in its digital assets.
Bed Bath & Beyond sought Chapter 11 protection in April, after months of failed turnaround attempts and bankruptcy warnings.
The retailer had 360 namesake stores and 120 Buy Buy Baby locations open when it filed for bankruptcy. It had previously committed to closing all of its Harmon FaceValue stores.
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