Signs saying everything is for sale at a Buy Buy Baby store in the Brooklyn borough of New York, February 6, 2023.
Stephanie Keet | Bloomberg | Getty Images
The auction process for Bed bath & beyond and its assets were again expanded as discussions with potential bidders progressed, namely for its Buy Buy Baby chain of stores.
In court documents filed Thursday, Bed Bath & Beyond said it would delay the sale timeline for a few days “to ensure the transaction with the most value is reached.”
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The delay comes as the company has been in discussions with potential bidders for Buy Buy Baby, which has so far attracted the most interest before and during the bankruptcy process. The chain of Bed Bath & Beyond stores of the same name is expected to be dissolved after the bankruptcy.
The assets of baby gear store Buy Buy Baby had previously sparked interest from at least two bidders, including Babylist, CNBC previously reported. The interest is in particular in the chain’s intellectual property.
There have also been talks to sell the retailer to the private equity firm behind children’s clothing brand Janie and Jack, The Wall Street Journal reported this week.
Buy Buy Baby is considered the crown jewel of the assets and is said to have sparked interest in 2022 and in the months leading up to the bankruptcy filing.
While there appears to be no interest in Bed Bath & Beyond and its stores, potential bidders may want its digital assets, CNBC previously reported.
The valuation of these assets remains unclear.
Bed Bath & Beyond sought bankruptcy protection in April after months of failed attempts to turn the company around and warnings it could face litigation.
Stalking Horse bids, the floor bid for an auction, are now due June 11 at 5pm EST. The final bid deadline is now June 16 at 12 noon EST. If necessary, an auction will take place on June 21.
The company said in court filings that it believes “these limited extensions are appropriate and necessary to allow these matters to proceed efficiently, without precluding adequate evaluation of new indications of interest.”
