Overstock.com acquires Bed Bath & Beyond assets in bankruptcy auction.
TL;DR Summary
Overstock.com has won an auction for Bed Bath & Beyond's intellectual property with a bid of $21.5m. The deal includes the retailer's business data, rights to mobile apps, certain contracts and other related assets but not its brick-and-mortar stores or Buy Buy Baby assets. The auction follows Bed Bath & Beyond's decision to file for bankruptcy in April after operating under declining sales and numerous failed turnaround plans. Overstock's shares were up more than 16% midday on Thursday, trading at $24.70 on the Nasdaq stock exchange.
- Overstock.com wins Bed Bath & Beyond assets with $21.5M bid USA TODAY
- Bed Bath & Beyond to sell IP to Overstock.com in bankruptcy, stores still set to close Yahoo Finance
- Overstock.com pays over $21.5M for Bed Bath & Beyond assets at auction Fox Business
- Overstock to buy Bed Bath & Beyond's intellectual property assets The Washington Post
- Closing imminent for local Bed, Bath & Beyond stores WBRZ
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