Storch Advisors CEO Gerald Storch, Strategic Resource Group Managing Director Burt Flickinger, Greenwood Capital CIO Walter Todd and Bullseye American Ingenuity Fund’s Adam Johnson discuss the outlook for the retail market.
All of Bed Bath & Beyond’s Buy Buy Baby stores will be closed following the company’s bankruptcy.
The Buy Buy Baby intellectual property was sold for $15.5 million to Dream on Me Industries, which manufactures and sells baby products and furniture. A federal judge approved the sale this week, according to court documents. However, the approved deal does not include the physical stores.
Bed Bath & Beyond’s debtors failed to secure a better deal for the baby goods retailer and subsequently canceled an auction for the company’s assets, court documents say.
BED BATH & BEYOND KONKUPTCY: VOUCHERS EXPIRE, RETURN DEADLINES
In June, OverStock.com bought Bed Bath & Beyond’s intellectual property for $21.5 million, months after the ailing retailer filed for Chapter 11 bankruptcy protection. That deal also didn’t include the Bed Bath & Beyond or Buy Buy Baby stores.
The Buy Buy Baby intellectual property was sold for $15.5 million to Dream on Me Industries, which manufactures and sells baby products and furniture. (Fox News / Fox News)
Bed Bath & Beyond – once seen as a major player in the retail sector with its wide range of kitchen and housewares – filed for Chapter 11 bankruptcy protection in April after years of declining sales and failed recovery plans.
BED BATH & BEYOND’S LIST OF BUSINESS CLOSURES
However, a number of well-known tenants have already begun taking advantage of Bed Bath & Beyond’s open retail space.
For example, Burlington, formerly known as Burlington Coat Factory, has acquired 44 locations, according to documents filed with the New Jersey bankruptcy court last month.
A customer looks inside a closed Bed Bath and Beyond store in Larkspur, California on February 8, 2023. (Justin Sullivan/Getty Images / Getty Images)
Burlington reportedly bought the leases, the largest stake of any retailer, for $12 million. According to separate documents, the company secured six other leases outside of the auction process.
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Michael’s — the private chain of craft stores — also bought nine locations for about $2.55 million.
Home furnishings company Havertys bought four locations for nearly $470,000 and Barnes & Noble bought a location in Concord, North Carolina for about $130,000. An Aldi supermarket takes over a location in Little Rock, Arkansas.