“Store Closing” signs at a Buy Buy Baby store within the Brooklyn borough of Latest York, on Monday, Feb. 6, 2023.
Stephanie Keith | Bloomberg | Getty Images
Slightly-known baby retailer based in Piscataway, Latest Jersey, has tentatively won the auction for the mental property of Bed Bath & Beyond’s crown jewel Buy Buy Baby, court records filed Thursday say.
Dream on Me Industries, which sells cribs, strollers and other baby goods through a number of retail partners, won the rights to assets equivalent to Buy Buy Baby’s trademark and domain after an auction Wednesday, in line with the records. The value of the winning bid was not disclosed.
Wednesday’s auction was just for Buy Buy Baby’s mental property, after its parent company Bed Bath & Beyond decided to separate up the sale process in an apparent effort to secure the next bid price. One other auction for all of Buy Buy Baby’s assets, including its many stores, can be held July 7, the records say.
Dream on Me’s win is barely tentative. If Bed Bath & Beyond receives the next bid on the upcoming auction, it could lose the rights to Buy Buy Baby’s mental property.
On a regular basis Health Media, a digital media company that produces health and wellness content, was chosen as a backup bidder.
Because it declared bankruptcy in late April, Bed Bath & Beyond has been determined to sell its assets at the very best price possible. The corporate has repeatedly pushed back several auctions because it worked to secure buyers.
Interest has centered around Buy Buy Baby, long considered the most precious a part of Bed Bath & Beyond’s business. However the sale process is increasingly uncertain after doubts grew in the times ahead of the auction in regards to the number and size of bids, CNBC previously reported.
The corporate already offloaded its namesake banner to Overstock.com for $21.5 million. The e-commerce retailer, which plans to vary its website name to Bed Bath & Beyond, opted out of acquiring Bed Bath’s stores and inventories.