Global Courant
A Buy Buy Baby store in the Brooklyn borough of New York, U.S., on Monday, February 6, 2023.
Stephanie Keet | Bloomberg | Getty Images
Bed bath & beyond works on one last ditch effort to keep one of his chains alive.
The retailer said in court filings it will conduct 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 sales process gives the retailer more breathing room to make an offer from a buyer who might be willing to keep Buy Buy Baby stores open, or at least max out an offer price.
Buy Buy Baby assets piqued interest from buyers even before the parent company filed for bankruptcy in April. The baby goods retailer has since attracted interested buyers throughout the sale process, including from some potential bidders who have even expressed interest in keeping its physical footprint alive, CNBC previously reported.
The auction for the Buy Buy Baby assets will take place on June 28.
Meanwhile, Bed Bath & Beyond’s fate to close its stores seems sealed. An auction will be held on Wednesday for the company’s assets.
Last week, Overstock. com submitted a $21.5 million bid for Bed Bath & Beyond’s assets, including its intellectual property, corporate, internet and mobile properties, and all corporate data. The bid is used to determine the bottom in the auction.
The sale process was recently extended as the company held talks with potential stalking horse bidders who would speak at the auction.
Bed Bath & Beyond’s stores were believed to be less likely to generate interest, and buyers were expected to focus on the digital assets. The retailer had made numerous attempts to turn its business around in recent months before going bankrupt in April.
