Bed Bath & Beyond schedules separate auction for Buy Buy Baby assets
A Buy Buy Baby store in the Brooklyn borough of New York, US, on Monday, Feb. 6, 2023.
Stephanie Keith | Bloomberg | Getty Images
Bed Bath & Beyond is working on another last-ditch effort to keep one of its chains alive.
The retailer said in court papers it will run a separate sale process for Buy Buy Baby — considered the crown jewel of its assets — as it moves forward with the auction of its Bed Bath & Beyond chain.
The separate sale process gives the retailer more breathing room to nab a bid from a buyer that could be willing to keep Buy Buy Baby stores open, or at least maximize an offer price.
Buy Buy Baby assets garnered interest from buyers even before its parent company filed for bankruptcy in April. The baby-merchandise retailer has since attracted interested buyers during the sale process, including from some prospective bidders that have even shown interest in keeping its physical footprint alive, CNBC previously reported.
The auction for Buy Buy Baby’s assets is slated to take place on June 28.
Meanwhile, Bed Bath & Beyond’s fate to shutter its stores appears to be sealed. An auction for the company’s assets will move forward on Wednesday.
Last week, Overstock.com submitted a $21.5 million offer for Bed Bath & Beyond’s assets, including its intellectual property, business, internet and mobile properties, and all business data. The bid will be used to set the floor at the auction.
The sale process was extended recently as the company held discussions with prospective stalking horse bidders who would set the floor at the auction.
Bed Bath & Beyond’s stores were considered less likely to attract interest, and buyers were expected to focus on its digital assets. The retailer had attempted numerous times in recent months to turn its business around before its bankruptcy filing in April.
