Overstock wins auction for some Bed Bath & Beyond assets

Bed Bath & Beyond

22/06/2023 12:29

June 22 (Reuters) - Online retailer Overstock.com
 OSTK.O  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. 
    Shares of Overstock jumped about 12% in premarket trade. 
    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.     
    
    

 (Reporting by Deborah Sophia in Bengaluru; Editing by Sriraj
Kalluvila)
 ((DeborahMary.Sophia@thomsonreuters.com;))