Home goods retailer Bed Bath & Beyond is closing its stores but its name will live on. Salt Lake City based Overstock.com has placed a bid with the bankruptcy court in New York to purchase the brand’s name, intellectual property and digital assets. The bid price of $21.5 million still has to be approved by the court.
Bed Bath & Beyond filed for bankruptcy in April and is currently in the process of closing its stores nationwide.
Software company Ten Twenty-Four has also{mprestriction ids="1,3"} bid for Bed Bath & Beyond’s Internet domain and has stated its interest in purchasing the company’s intellectual property if the Overstock deal falls through.
Meanwhile, the intellectual property and other assets of Bed Bath & Beyond’s crown jewel, buybuyBaby, will be sold in a separate deal. The buybuyBaby chain, which operated 130-plus brick-and-mortar locations and sold baby clothing, strollers and other associated household goods, was seen by many Wall Street analysts as the company’s best-run and most-lucrative segment. Bed Bath & Beyond has not yet found a willing buyer for buybuyBaby, according to reports.{/mprestriction}
