Bed Bath & Beyond Bidders Emerge, Unsecured Creditors Strike a Deal
June 5, 2023
Source: Home Textiles Today
Asset auction set for June 16
Union, N.J. – As Bed Bath & Beyond’s dissolution winds to a close, potential bidders are eyeing its remains.
While no party has yet emerged to keep the core BBB retail business going, buybuy Baby could live to see another day, according to a report from CNBC.
Investment banking firm Ankura Capital Advisors is reportedly working with an unnamed bidder interested in acquiring the baby business and keeping some of its stores in operation. BBB was operating 120 buybuy Baby stores when it declared bankruptcy in April and announced it would begin closing all of the company’s stores.
DTC baby registry Babylist is also interested in buybuy Baby, but it looking at the operations trademark and domain rather than its physical stores. The company generated $290 million in revenue in 2022 and claims to lead the $88 billion baby products market.
Similarly, sources told CNBC that a few parties are considering Bed Bath & Beyond’s digital assets.
The Bed Bath & Beyond auction, originally set for June 1, has been pushed back to June 16. Bids are being accepted through June 14.
During a May 31 meeting in the New Jersey bankruptcy court, Bed Bath’s legal counsel stated that the company is “actively engaged with a number of interested parties” or its assets, according to a Law 360 report.
During the same meeting, Bed Bath’s unsecured creditors informed the court that they have reached a preliminary agreement for a settlement. The deal is being worked out with the providers of the retailers’ $240 million bankruptcy package, which includes debtor-in-possession financing as well as a term loan facility.
Law 360 reported that specifics of the agreement were not disclosed.
Union, N.J. – As Bed Bath & Beyond’s dissolution winds to a close, potential bidders are eyeing its remains.
While no party has yet emerged to keep the core BBB retail business going, buybuy Baby could live to see another day, according to a report from CNBC.
Investment banking firm Ankura Capital Advisors is reportedly working with an unnamed bidder interested in acquiring the baby business and keeping some of its stores in operation. BBB was operating 120 buybuy Baby stores when it declared bankruptcy in April and announced it would begin closing all of the company’s stores.
DTC baby registry Babylist is also interested in buybuy Baby, but it looking at the operations trademark and domain rather than its physical stores. The company generated $290 million in revenue in 2022 and claims to lead the $88 billion baby products market.
Similarly, sources told CNBC that a few parties are considering Bed Bath & Beyond’s digital assets.
The Bed Bath & Beyond auction, originally set for June 1, has been pushed back to June 16. Bids are being accepted through June 14.
During a May 31 meeting in the New Jersey bankruptcy court, Bed Bath’s legal counsel stated that the company is “actively engaged with a number of interested parties” or its assets, according to a Law 360 report.
During the same meeting, Bed Bath’s unsecured creditors informed the court that they have reached a preliminary agreement for a settlement. The deal is being worked out with the providers of the retailers’ $240 million bankruptcy package, which includes debtor-in-possession financing as well as a term loan facility.
Law 360 reported that specifics of the agreement were not disclosed.
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