A “Store Closing” banner at a Bed Bath & Beyond store in Farmingdale, New York, on Friday, Jan. 6, 2023.
Johnny Milano | Bloomberg | Getty Images
The Bed Bath & Beyond brand may be the only part of the failed retailer that lives on.
The home goods chain, which also owns Buy Buy Baby stores, has received a $21.5 million offer from the online retailer Overstock.com for some of its assets, including its intellectual property, according to court documents filed Tuesday.
Overstock.com’s Stalking Horse bid — which will determine the floor in the expected bankruptcy auction — also includes the business’s Internet and mobile properties and all business data. The offer does not include Bath & Beyond bed or Buy Buy Baby’s Stores that operate off-premise sales.
Competitive bids are due by Friday. Bed Bath said in a statement that it is still seeking additional bids. The auction should take place on June 21.
The sales process was extended recently as discussions continued with potential horse chasers.
In recent weeks, discussions have centered around the assets of Buy Buy Baby, which is often considered the crown jewel of Bed Bath & Beyond’s portfolio. Buy Buy Baby’s assets in particular attracted interest.
Bed Bath & Beyond stores were long thought to lack interest, though CNBC previously reported that those interested in its digital assets were interested.
Bed Bath & Beyond had was looking for Chapter 11 protection in April, after months of numerous failed turnaround efforts and bankruptcy warnings.
The retailer had 360 namesake stores and 120 Buy Buy Baby locations open when it filed for bankruptcy. It had previously committed to closing all of its Harmon FaceValue stores.