According to court records filed on Thursday, Bed Bath & Beyond will continue to exist only in name as Overstock.com emerged victorious in an auction for the failed home goods retailer’s intellectual property and digital assets.
Overstock.com, the e-commerce discounter, had been selected as the stalking horse bidder for Bed Bath & Beyond’s bankruptcy-run auction. As per the records, Overstock.com will acquire the chain’s brand name, business data, and digital assets for a sum of $21.5 million.
It is important to note that this deal does not involve the continuation of Bed Bath & Beyond’s physical stores. The sale price matches Overstock.com’s stalking horse bid, which established the minimum bid at the auction. This suggests that there were no higher or more appealing offers for Bed Bath & Beyond.
JOWA Brands, on the other hand, was chosen as a backup bidder exclusively for Bed Bath & Beyond’s Wamsutta brand, which is a privately owned label for sheets and towels.
Additionally, Ten Twenty Four, a software company specializing in maximizing vacation rental revenues under the name Beyond Pricing, has been selected as the backup bidder for Bed Bath & Beyond’s Beyond.com asset. If the agreement with Overstock.com fails to materialize, Ten Twenty Four may obtain the rights to the domain name.
It is worth mentioning that the sale is still pending approval, which will be determined at a hearing scheduled for Tuesday.
