Overstock.com pays over $21.5M for Bed Bath & Beyond assets at auction
Overstock purchase includes intellectual property, mobile platform of Bed Bath & Beyond
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Overstock.com won some assets of Bed Bath & Beyond in an auction for $21.5 million, court filings showed Thursday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| OSTK | OVERSTOCK.COM INC. | 24.84 | +3.66 | +17.28% |
The online retailer purchases include the home goods chain's intellectual property and mobile platform. While Bed Bath & Beyond's stores are not included in the purchase, Overstock will also get the bankrupt retailer's business data and publicity rights, while assuming certain liabilities related to transferred contracts.
A going-out-of-business sale at a Bed Bath & Beyond location in Marlton, N.J., Mar. 26, 2023. (Fox News)
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Overstock.com shares climbed Thursday on the news.
Overstock.com
.The sale is subject to approval by the bankruptcy court at a hearing on Tuesday.
Overstock tried to buy the assets last week for the same price under a "stalking horse" bid, but Bed Bath & Beyond said it would continue to solicit other offers.
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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.
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Bed Bath & Beyond filed for Chapter 11 bankruptcy protection in April, amid persistent inflationary pressures and a drop in consumer demand.
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Reuters contributed to this report.