“Every little thing on Sale” signs at a Buy Buy Baby store within the Brooklyn borough of Recent York, US, on Monday, Feb. 6, 2023.
Stephanie Keith | Bloomberg | Getty Images
The auction process for Bed Bath & Beyond and its assets was prolonged once more as discussions progress with potential bidders, namely for its Buy Buy Baby chain of stores.
In court papers filed Thursday, Bed Bath & Beyond said it could delay its sale timeline by a couple of days “to make sure essentially the most value maximizing transaction is achieved.”
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The delay comes as the corporate has held discussions with potential bidders for Buy Buy Baby, which has attracted essentially the most interest before and through the bankruptcy process thus far. The chain of namesake Bed Bath & Beyond stores continues to be expected to be dissolved after the bankruptcy.
The assets of the child gear retailer Buy Buy Baby had earlier attracted interest from a minimum of two bidders, including Babylist, CNBC previously reported. The interest particularly centers on the chain’s mental property.
There have also been discussions to sell the retailer to the private-equity firm behind the youngsters’s apparel brand Janie and Jack, The Wall Street Journal reported this week.
Buy Buy Baby has been considered the crown jewel of the assets, reportedly attracting interest in 2022 and within the months ahead of the bankruptcy filing.
While there appears to be little interest in Bed Bath & Beyond and its stores, potential bidders might want its digital assets, CNBC earlier reported.
The valuation of those assets stays unclear.
Bed Bath & Beyond sought bankruptcy protection in April after months of failed turnaround efforts and warnings it could find itself in court.
Stalking horse bids — the ground bid for an auction — at the moment are due June 11 at 5 p.m. ET. The ultimate bid deadline is now June 16 at 12 p.m. ET. If needed, an auction will happen on June 21.
The corporate said in court papers it believes “these limited extensions are appropriate and crucial to maintain these cases progressing efficiently, while not precluding adequate evaluation of latest indications of interest.”
