Bed Bath & Beyond (BBBY) will live beyond its bankruptcy filing, as its popular brand might become a digital asset. During a bankruptcy auction on Thursday, the site Overstock (OSTK) was the highest bidder for the intellectual property and digital assets of the retailer. The retailer’s brick and mortar stores will continue to be liquidated as the stores are not part of the auction.
As reported by us earlier, Bed Bath & Beyond will be selling its jewel in the crown Buy Buy Baby separately. This might help the retailer find a bidder who is willing to keep these stores open. This auction is scheduled to take place next week, on Wednesday.
Buy Buy Baby is a popular brand and has been eyed by some potential companies even before Bed Bath & Beyond filed for bankruptcy. A separate sale could entail a better price as well as the possibility of keeping the brick-and-mortar stores of this brand open.
Online retailer Overstock placed a $21.5 million bid for the retailer’s digital assets and IP. It is expected to revive the brand online. The online site saw a jump in premarket trading by about 8 percent after the news was reported.
According to CNBC Bed Bath & Beyond’s private sheets and towels label Wamsutta brand got Jowa Brands as its backup bidder. The outlet also reported Ten Twenty-Four was another backup bidder and it could win domain rights if the deal with Overstock fell through for any reason.
Before the Wednesday auction, the retailer was looking to get a better price if possible but the bid from Overstock remained the highest and was accepted.
Many legacy stores have filed for bankruptcy in the past few months. They include
David’s Bridal
Serra Simmons Bedding
Tuesday Morning
Boxed
Party City and others.
Earlier in April, Bed Bath & Beyond filed for bankruptcy. It had shuttered some stores but had kept others open after it secured a $240 million loan, to run operations during its Chapter 11 filing.
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