Online retailer Overstock.com on Tuesday placed a $21.5 million bid for some of Bed Bath & Beyond’s assets, including its intellectual property, reports CNBC. Overstock’s stalking horse bid — which will set the floor at the expected bankruptcy-run auction — also includes the business internet and mobile properties and all business data. The offer doesn’t include Bed Bath & Beyond or Buybuy Baby’s store locations, which are running going-out-of-business sales. Competing bids are due by Friday. BB&B said in a statement it is still soliciting other offers. The auction is expected to take place June 21.
Total Retail’s Take: In April, Bed Bath & Beyond filed for bankruptcy under Chapter 11 to close its business and seek a sale of its assets. This sent a ripple through the home goods sector, with several competitors announcing they will accept coupons from the bankrupt retailer in an effort to woo these now retailer-less customers. Bed Bath & Beyond has also been in talks to sell its Buybuy Baby chain to retail investment firm Go Global Retail since early June. Reportedly, if Go Global Retail buys the chain, it plans to keep stores open.
The potential deal with Overstock.com would close all remaining physical locations of Bed Bath & Beyond. The company previously said it “will pivot away from any store closings” should a bidder or bidders arise during the bankruptcy process. If the Overstock bid is approved, Bed Bath & Beyond’s brand name may be the only part of the failed retailer that lives on. The retailer is running out of time to accept additional offers.
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