Signage is displayed outside the permanently closed Bed Bath & Beyond retail store on May 1, 2023 in Hawthorne, California.
Patrick T. Fallon | AFP | Getty Images
bed Bath and Beyond will survive in name only after overstock.com Won auction of intellectual property and digital assets of failed home goods retailer, according to court records Filed early Thursday.
The e-commerce discounter that was selected horse bidder According to records, Bed Bath’s bankruptcy-driven auction will buy the chain’s brand name, business data and digital assets for $21.5 million.
Shares of Overstock jumped nearly 8% in premarket trading on the news.
The deal does not include keeping Bed Bath stores open. Sale price is same as overstock stalking horse quotewhich set the minimum price at the auction, indicating that Bed Bath did not receive higher or more attractive bids.
Jova Brands was selected only as a backup bidder for Bed Bath’s Vamsutta brand, a private sheet and towel label owned by the retailer.
Ten Twenty Four, a software company that helps owners maximize vacation rental revenue and doing business as Beyond Pricing, was selected as the backup bidder for the retailer’s Beyond.com property. If the deal with Overstock is successful, 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 chose run a separate sales process For its Bye Bye Baby series, which is considered to be the crown jewel of its property.
The separate process allows the company to find a bidder willing to keep the banner’s stores open, without the headache of taking over Bed Bath’s properties.
The chain, which sells children’s clothing, furniture and other items, has attracted interested buyers during the sale process, including potential bidders looking to keep its physical footprint alive. CNBC reported earlier,
The auction of Bye Bye Baby’s assets is scheduled to take place on Wednesday.