Key takeaways:
- Overstock.com won an auction for Bed Bath & Beyond’s intellectual property and digital assets for $21.5 million.
- JOWA Brands was selected as a backup bidder solely for Bed Bath’s Wamsutta brand.
- The sale of Bed Bath & Beyond’s assets marks the end of an era for the home goods retailer.
Bed Bath & Beyond, the bankrupt big-box retailer known for its dizzying array of home goods, will live on in name only after Overstock.com won an auction for the failed company’s intellectual property and digital assets.
According to court records filed early Thursday, Overstock.com bid $21.5 million at auction for the assets of the retailer, which filed for bankruptcy in April. This price was the same as Overstock’s stalking horse bid, which set the floor price at the auction, indicating Bed Bath didn’t receive higher or more attractive bids.
The e-commerce discounter will buy the chain’s brand name, business data and digital assets for $21.5 million. This will allow Overstock.com to continue selling Bed Bath & Beyond’s goods online.
JOWA Brands was selected as a backup bidder solely for Bed Bath’s Wamsutta brand, a private sheets and towels label the retailer owns.
The sale of Bed Bath & Beyond’s assets marks the end of an era for the home goods retailer, which has been a fixture in many American households for decades. It is unclear how the sale of the company’s assets will affect its brick-and-mortar stores, which have been closed since the bankruptcy filing.
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