Why Overstock.com (OSTK) Shares Are Climbing Thursday

Overstock.com OSTK shares are rising on Thursday after a report from CNBC stated that the company has won an auction for the intellectual property and digital assets of Bed Bath & Beyond BBBYQ.

The Details:

The report from CNBC states that according to court records Overstock.com has been selected as the winner of the bankruptcy-run auction and will purchase the failed retail chain’s brand name, business data, and digital assets for $21.5 million. The deal does not include keeping Bed Bath & Beyond’s stores open.

The sale does not include Buy Buy Baby assets which received attention from prospective buyers even before the company filed for bankruptcy.  Bed Bath & Beyond has chosen to run a separate sale process to allow the buyer to keep the Buy Buy Baby retail stores open without the burden of the Bed Bath & Beyond assets. 

Related News: What's Going On ShiftPixy (PIXY) Stock?

OSTK Price Action: According to Benzinga Pro, Overstock.com shares are trading nearly 10% at $23.26 at the time of publication.

Image: Peggy_Marco from Pixabay