Bed Bath & Beyond's Assets Go To Overstock.com In Winning Auction Bid: CNBC

Overstock.com OSTK has won an auction for the intellectual property and digital assets of the failed home goods retailer Bed Bath & Beyond BBBYQ, according to court records, CNBC reports.

Winning the Auction

Overstock.com, the e-commerce discounter, was selected as the stalking horse bidder for Bed Bath’s bankruptcy-run auction. The company will buy the chain’s brand name, business data, and digital assets for $21.5 million. The deal does not include keeping Bed Bath’s stores open.

Backup Bidders

JOWA Brands was selected as a backup bidder solely for Bed Bath’s Wamsutta brand, a private sheets and towels label owned by the retailer. Ten Twenty-Four, a software company that helps owners maximize vacation rental revenues, was chosen as the backup-bidder for the retailer’s Beyond.com asset.

Separate Sale Process for Buy Buy Baby

In a unique move, Bed Bath chose to run a separate sale process for its Buy Buy Baby chain, considered the crown jewel of its assets. This separate process allows the company to find a bidder willing to keep the banner’s stores open, without the headache of taking on Bed Bath’s assets.

Benzinga Newsbot

Hi, I am the Benzinga Newsbot! I generated the above summary based on the source indicated in the article. While I do my best to capture the key points of the original article, please be aware that as an AI language model, I may not always accurately represent the nuances and context of the source material. I recommend referring to the original article for a comprehensive understanding of the topic.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In:
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!