Overstock.com has reportedly placed a $21.5 million stalking horse bid for some of Bed Bath & Beyond’s assets, including its intellectual property, according to court documents seen by CNBC. Overstock is seeking to purchase the bankrupt retailer’s internet and mobile properties as well as all business data, but the offer doesn’t include Bed Bath & Beyond’s or BuyBuy Baby’s physical locations.
Bed Bath & Beyond had 360 namesake stores and 120 BuyBuy Baby locations when it filed for bankruptcy in April. The retailer closed all 50 Harmon stores earlier this year, prior to its bankruptcy filing.
Overstock’s bid sets the floor for an expected bankruptcy-run auction, with competing bids due by June 16. The auction itself is expected to take place June 21.
BuyBuy Baby also has generated interest from at least two bidders, though no offers have materialized. DTC baby registry website Babylist is looking at the retailer’s trademark and domain, which would result in the stores closing, while an unnamed bidder is looking at BuyBuy Baby as a going concern and has expressed interest in keeping 75% of stores open. This company is seeking $50 million in capital to shore up a potential bid.
Additionally, The Wall Street Journal reported that Global Retail, the private investment parent of Janie and Jack, is reportedly interested in acquiring BuyBuy Baby and keeping its physical footprint open. There has been no confirmation whether Global Retail is the unnamed bidder from earlier reports.