Buy Buy Baby auction is canceled, but buyers are still interested in making a bid
July 10, 2023
Bed Bath & Beyond has canceled an auction for its Buy Buy Baby chain after failing to secure a buyer willing to keep its stores running.
The auction was scheduled for Friday, but was canceled late Thursday after no bids materialized.
Buy Buy Baby has been in the midst of liquidation sales at its 120 stores since its parent company filed for bankruptcy protection in April.
As the auction process dragged on and Buy Buy Baby’s inventory dwindled, so did its value.
Nearly three months into close out sales, there’s little left to bid on besides the brand’s intellectual property.
Dream on Me Industries, a little known New Jersey-based retailer and one of Buy Buy Baby’s former suppliers, agreed to buy its trademark and digital assets for $15.5 million if no higher bids arise.
It is not clear what Dream on Me plans to do with Buy Buy Baby if it ends up the ultimate victor.
The company didn’t return requests for more information from CNBC.
Keywords:
- Bed Bath & Beyond
- Buy Buy Baby
- Bankruptcy
- Auction
- Liquidation
- Intellectual property
- Dream on Me Industries
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