U.S. bankruptcy judge has reportedly approved Overstock.com Inc’s OSTK acquisition of Bed Bath & Beyond Inc BBBYQ brand name, intellectual property, and ecommerce platform.
Overstock had won an auction for the intellectual property and digital assets of Bed Bath & Beyond.
Bed Bath & Beyond stores and inventory are not part of the deal, reported Reuters.
The retailer filed for Chapter 11 bankruptcy in April after it became unviable to operate the business profitably.
The company will also conduct a separate auction for its infants and toddlers products chain, Buy Buy Baby, which has already garnered interest from investment firms Go Global Retail and Sixth Street Partners.
Bed Bath will defend the $240 million loan it took at the beginning of its bankruptcy case, which the lenders say was based on inaccurate financial information.
Price Action: BBBYQ shares closed higher by 1.91% at $0.3260 on Tuesday.
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