Online retailer Overstock to buy some assets of Bed Bath & Beyond for $21.5 mln

Bed Bath & Beyond

13/06/2023 19:07

June 13 (Reuters) - Overstock.com  OSTK.O  will buy
certain assets of bankrupt home goods retailer Bed Bath & Beyond
for $21.5 million, the online retailer said on Tuesday.
    The deal, designated a "stalking horse" bid under the U.S.
Bankruptcy Code, will include intellectual property, business
data, rights to mobile applications, and will also assume
certain liabilities of Bed Bath & Beyond.
    The retailer had delivered 10% of the purchase price in cash
to an escrow agent in immediately available funds, Overstock
said in a regulatory filing.
    Bed Bath & Beyond had in April filed for Chapter 11
bankruptcy protection after struggling with dwindling sales and
a failed merchandising strategy.
    The Wall Street Journal last week reported that the retail
investment firm Go Global Retail was in talks with Bed Bath &
Beyond for its Buybuy Baby chain.    
    Shares of Overstock were up 4.5% in mid-day trading.

 (Reporting by Savyata Mishra in Bengaluru; Editing by Sriraj
Kalluvila)
 ((Savyata.Mishra@thomsonreuters.com;))