Bed Bath & Beyond held a lease auction for its store locations on June 26, and Burlington Stores was among the most interested parties.
According to Pulse Ratings, Burlington appeared to be a top bid winner at the auction, bidding $12 million for 44 locations. In total, the bidding could yield aggregate estate proceeds of $48.1 million with other notable bid winners including Michaels, Barnes & Noble, Aldi and Havertys, Pulse Ratings noted.
The leases that were auctioned on Monday include buybuy Baby locations. Bankrupt Bed Bath & Beyond debtors have reserved the right to pull back these leases on the Bed Bath & Beyond portfolio banner if a separate auction for the buybuy Baby assets yields higher proceeds. Overstock won Bed Bath & Beyond’s key intellectual property in a separate transaction.
The Burlington bids were on stores ranging from California to Puerto Rico and north to New Hampshire and Utah, with one in Alaska and a large concentration in Florida and Texas.
