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Signs are displayed outside a permanently closed retail store at Bed Bath & Beyond in Hawthorne, California, on May 1, 2023.
Patrick T Fallon | AFP | Getty Images
bed bath behind He will live on in name only after Overstock.com won an auction of the failed home goods retailer’s intellectual property and digital assets, according to court records Submit early Thursday.
Records say the e-commerce discount company, which was chosen as the stalking horse bid for the Bed Bath bankruptcy auction, will buy the chain’s brand name, business data and digital assets for $21.5 million.
Shares of Overstock jumped nearly 8% in pre-market trading on the news.
The offer does not include keeping Bed Bath stores open. The sale price is the same as the bid price of Overstock’s stall horse, which set the lowest price at auction, indicating that Bed Bath did not receive higher or more attractive bids.
JOWA Brands has been selected as the only standby bidder for the Wamsutta brand of Bed Bath, the retailer’s proprietary sheets and towels.
Ten Twenty Four, a software company that helps owners maximize vacation rental returns and does business as Beyond Pricing, has been selected as the reserve bidder for the Beyond.com retail store asset. If the deal with Overstock falls through, Ten Twenty Four could win the rights to the domain name.
The sale still needs to be approved at a hearing on Tuesday.
In a rare move, Bed Bath has elected to make a separate sale of the Buy Buy Buy chain, considered the crown jewel of its assets.
The separate process allows the company to find a bidder willing to keep the banner stores open, without the headache of taking over Bed Bath assets.
Buy Buy Baby’s assets gained interest from buyers even before Bed Bath filed for bankruptcy in April.
CNBC previously reported that the chain, which sells children’s clothing, furniture and other goods, has since attracted interested buyers during the sale, including from potential bidders interested in keeping its physical footprint alive.
The Buy Buy Baby asset auction is scheduled for Wednesday.
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