Bed Bath & Beyond sets a separate auction date for Buybuy Baby
June 21, 2023
CoStar News
Bed Bath & Beyond has scheduled a separate auction for its Buy Buy Baby business. The auction scheduled for June 28 will give the retailer more time to discuss deals for the chain for parties interested in Buybuy Baby’s assets. Bed Bath & Beyond hasn’t attracted interest in its brick-and-mortar operations but did accept a “stalking horse” bid of $21.5 million from Overstock.com for its intellectual properties.
Why Is Buy Buy Baby Closing?
For those wondering if Buy Buy Baby is closing, in April, Bed Bath & Beyond Inc. filed for bankruptcy and has recently began liquidating all of its store.
According to Forbes, “In 2019, activist investors won control of its board and hired a CEO who heedlessly forced the private-label strategy he devised for Target on BBBY customers. No longer finding the goods they expected on BBBY’s shelves, customers bought them elsewhere. That sent sales down and left banks and suppliers in the lurch.”
Mark Triton, the CEO responsible would leave the company in October 2022, but the irreparable damage was already done.
Although Bed Bath & Beyond is being completely liquidated, the retail company decided to hold a separate process for Bye Bye Baby since that brand is considered extremely valuable with a possible future.
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