What remains of Bed Bath & Beyond,Poinbank the bankrupt big-box retailer known for its dizzying array of home goods, has been bought by e-commerce discounter Overstock.com, court filings from Thursday show.
Overstock.com bid $21.5 million at auction for the assets of the retailer, which filed for bankruptcy in April. The sale grants the e-commerce company rights to the chain's intellectual property and mobile platform, allowing it to continue selling Bed Bath & Beyond's goods online.
Neither Overstock.com nor Bed Bath & Beyond immediately replied to CBS MoneyWatch's requests for comment.
The failed retailer's brick-and-mortar stores, which once numbered more than 1,500 in the U.S., are not included in the deal. The company announced after it filed for bankruptcy that it would shutter its remaining locations by the end of June 2023.
Overstock.com was the bankruptcy auction's stalking-horse bidder, placing the initial bid on Bed Bath & Beyond's assets and setting the floor price at the auction.
After the initial bid came in, Bed Bath & Beyond signaled it would wait to field more attractive offers from other potential buyers. But no other such offers materialized, it seems.
The auction's backup bidder was JOWA Brands, which bid solely on the retailer's private sheets and towels label, Wamsutta.
A hearing will occur to approve Bed Bath & Beyond's sale and finalize it.
The retail giant also plans to sell its baby-goods store Buy Buy Baby, which has generated considerable interest from prospective buyers, CNBC reported. The date of that auction remains unclear.
Bed Bath & Beyond filed for bankruptcy in April after years of declining sales.
The company's failure to adapt to the rise of online shopping marred its corporate strategy and impacted its balance sheet.
Between 2022 and 2023, the retailer's revenue plunged while its stock price fell 70%, company filings show. A year before it filed for bankruptcy, the company announced it would shut down more than 100 stores and slash headcount 20%.
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