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Overstock.com emerged as the successful bidder for Bed Bath & Beyond's intellectual property and digital assets at a bankruptcy-run auction, securing the lot for $21.5 million. As revealed in court records, the deal still requires approval in an upcoming hearing.
In the records, it was stated that Overstock.com would acquire Bed Bath & Beyond's brand name, digital assets, and business data for $21.5 million. CNBC reported that the deal does not mean that the buyer will keep Bed Bath's stores open. Then again, the sale of the said assets still needs to be approved at the upcoming hearing.
Meanwhile, Bed Bath & Beyond and another retail chain, Party City, are shutting their stores this month. The companies are permanently closing their remaining branches in the United States.
Party City, which is an American chain of party stores, is set to shut down nine outlets in six states which are California, Indiana, New York, Ohio, Oklahoma, and Michigan, on June 26. For Bed Bath & Beyond, it is expecting to close all of its remaining stores along with its subsidiary, buybuy Baby stores.
Fox Business reported that Bed Bath & Beyond will end its store operations and buy buy Baby's on June 30. It can be recalled that the company filed for Chapter 11 bankruptcy protection in April as it was not able to resolve its mounting losses despite efforts to turn its business around.
Addressing the closure of more Bed Bath & Beyond and buy buy Baby outlets, the company said, "This does not change our dual-track process as we simultaneously continue pursuit of a sale for some or all of the company's assets. Stores included under a potential transaction could remain open and operational beyond previously announced closing dates pending the outcome of the ongoing sale process."
Bed Bath & Beyond said that its 360 locations and 120 buy buy Baby will remain open for store-closing sales until the shutdown. The websites of the brands will also be in operation.
Photo by: Mike Kalasnik/Flickr (CC BY-SA 2.0)
