Overstock.com won an auction for failed home goods supplier Bed Bath & Beyond's intellectual property and digital assets, meaning that the company's stores will officially close for good. Overstock.com will buy the company's brand name, business data, and digital assets for $21.5M, according to court documents. Shares of Overstock.com jumped roughly 8% following the news. - The deal does not include keeping Bed Bath & Beyond stores open.
- The sale price was the same as Overstock's stalking horse bid, meaning there were no other bids higher than this one.
- The sale still needs to be approved in a hearing on Tuesday.
- Jowa Brands was selected as a backup bidder for Bed Bath's Wamsutta brand of sheets and towels.
- Ten Twenty Four was selected as a backup bidder for the asset of Beyond.com, and if a deal falls through with Overstock, it could take the domain name.
- The auction of Buy Buy Baby, Bed Bath & Beyond's baby asset, is slated for next Wednesday.
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