has won the auction for some assets of Bed Bath & Beyond, including the bankrupt home goods chain’s intellectual property and mobile platform, for $21.5 million, court filings showed on Thursday.
Last week, Overstock had offered to buy those assets for the same price under a “stalking horse” bid. Bed Bath & Beyond had then said it would continue to solicit other offers. While Bed Bath & Beyond’s stores are not part of the deal, it will include the retailer’s business data and publicity rights. Overstock will also assume certain liabilities related to transferred contracts.The sale is subject to approval by the bankruptcy court at a hearing on Tuesday.
Once a high-flying company, Bed Bath & Beyond buckled under a steep drop in demand and swelling losses, and filed for Chapter 11 bankruptcy protection in April. Meanwhile, the retailer’s Buy buy Baby chain, which sells products for infants and toddlers, has drawn interest from investment firm Go Global Retail and Sixth Street Partners, according to recent media reports.