You Haven’t Seen the Last of Bed Bath & Beyond, Actually — Here’s Why
The retailer’s products won’t be disappearing off shelves just yet.
Your local Bed Bath & Beyond might be going out of business and on its way to becoming a pickleball court — yes, really — but don’t expect the home goods chain to vanish completely, just yet.
Overstock.com bought the retailer’s name, intellectual property, and digital assets for $21.5 million, which means the brand will continue on, CNN Business reported.
Related: Here’s What Bed Bath & Beyond’s Bankruptcy Means for Retail
The buyout wasn’t enough to keep the retailer’s brick-and-mortar stores open: Those are still shuttering following Bed Bath & Beyond’s bankruptcy filing in April. The chain estimates it will close its stores completely by June 30.
Overstock’s initial bid for Bed Bath & Beyond’s assets set the minimum price, also known as a stalking horse bid, but should the agreement fall through, software company Ten Twenty Four Inc, which also submitted a bid, will purchase the Beyond.com domain, per the outlet.
Overstock.com Inc., an e-commerce retailer that primarily sells furniture, is headquartered in Utah and was founded by Patrick M. Byrne, who served as the company’s CEO from 1999 to 2019.
A hearing is scheduled for next Thursday to finalize Overstock’s purchase, according to CNN.
Related: Bed, Bath, Beyond & Bankruptcy: Low Inventory Threatens Chain
The Bed Bath & Beyond-owned chain buybuyBaby, which retail analyst Neil Saunders told the outlet “is the one part of the operation that will probably attract interest from buyers,” will be sold off separately.
Your local Bed Bath & Beyond might be going out of business and on its way to becoming a pickleball court — yes, really — but don’t expect the home goods chain to vanish completely, just yet.
Overstock.com bought the retailer’s name, intellectual property, and digital assets for $21.5 million, which means the brand will continue on, CNN Business reported.
Related: Here’s What Bed Bath & Beyond’s Bankruptcy Means for Retail
The buyout wasn’t enough to keep the retailer’s brick-and-mortar stores open: Those are still shuttering following Bed Bath & Beyond’s bankruptcy filing in April. The chain estimates it will close its stores completely by June 30.
Overstock’s initial bid for Bed Bath & Beyond’s assets set the minimum price, also known as a stalking horse bid, but should the agreement fall through, software company Ten Twenty Four Inc, which also submitted a bid, will purchase the Beyond.com domain, per the outlet.
Overstock.com Inc., an e-commerce retailer that primarily sells furniture, is headquartered in Utah and was founded by Patrick M. Byrne, who served as the company’s CEO from 1999 to 2019.
A hearing is scheduled for next Thursday to finalize Overstock’s purchase, according to CNN.
Related: Bed, Bath, Beyond & Bankruptcy: Low Inventory Threatens Chain
The Bed Bath & Beyond-owned chain buybuyBaby, which retail analyst Neil Saunders told the outlet “is the one part of the operation that will probably attract interest from buyers,” will be sold off separately.
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