Bed Bath & Beyond on June 12 selected Overstock.com, Inc. to act as the stalking horse bidder for certain of its intellectual assets at a proposed purchase price of $21.5 million, according to a filing with the United States Bankruptcy Court in New Jersey.
If the Overstock bid is accepted, assets would include Bed Bath & Beyond business intellectual property; business Internet properties rights to collect royalties and other related proceeds and payments; advertising and marketing materials, as well as graphics and content in association with the intellectual property.
Anyone objecting to the stalking horse bid has to do so with the court by 9 a.m. Eastern time on June 20, according to the filing. However, in a filing with the U.S. Securities and Exchange Commission, Bed Bath & Beyond stated that the deadline to submit bids for the assets is June 16.
Bed Bath & Beyond filed for Chapter 11 bankruptcy protection on April 23 and began a liquidation process despite months of struggling to build sales and secure new financing after the reconstitution of the business and stores failed with customers.
