The “Everything on Sale” sign is seen at a Buy Buy Baby store in the Brooklyn borough of New York, U.S., Monday, Feb. 6, 2023.
Stephanie Keith | Bloomberg | Getty Images
The auction process is Bed bath and others As discussions with potential bidders progressed, its assets expanded again, namely its Buy Buy Baby chain of stores.
In court papers filed Thursday, Bed Bath & Beyond said it would push back the sales timeline by a few days “to secure a deal that achieves maximum value.”
The delay comes as the company has held discussions with potential bidders for Buy Buy Baby, which so far has attracted the most interest before and during the bankruptcy proceedings. The Bed Bath & Beyond chain is expected to remain dissolved following bankruptcy.
The assets of baby products retailer Buy Buy Baby had earlier attracted interest from at least two bidders, including Babylist, CNBC previously reported. Interest has centered in particular on the chain’s intellectual property.
The Wall Street Journal also discusses the retailer’s sale to the private equity firm behind children’s clothing brand Janie and Jack Report this week.
Buy Buy Baby has been considered the crown jewel of those assets, reportedly attracting interest in 2022 and in the months leading up to its bankruptcy filing.
While there appears to be no interest in Bed Bath & Beyond and its stores, potential bidders may want its digital assets, CNBC reported earlier.
The valuation of these assets remains unclear.
Bed Bath & Beyond sought bankruptcy protection in April after months of failing to turn a profit, warning it could go to court.
Stealth horse bids — the reserve price for the auction — are now due on June 11 at 5pm ET. The final bid deadline is June 16 at 12:00 noon EST. Auction will be held on June 21st if desired.
The company said in court filings that it believes “these limited extensions are appropriate and necessary to keep these cases effectively progressing while not precluding a full evaluation of new indications of interest.”