“Everything on Sale” signs at a Buy Buy Baby store in the Brooklyn borough of New York, US, on Monday, Feb. 6, 2023.
Stephanie Keith | Bloomberg | Getty Images
The auction process for Bed Bath & Beyond and its assets was extended once again as discussions progress with potential bidders, namely for its Buy Buy Baby chain of stores.
In court papers filed Thursday, Bed Bath & Beyond said it would delay its sale timeline by a few days “to ensure the most value maximizing transaction is achieved.”
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The delay comes as the company has held discussions with potential bidders for Buy Buy Baby, which has attracted the most interest before and during the bankruptcy process so far. The chain of namesake Bed Bath & Beyond stores is still expected to be dissolved after the bankruptcy.
The assets of the baby gear retailer Buy Buy Baby had earlier attracted interest from at least two bidders, including Babylist, CNBC previously reported. The interest particularly centers on the chain’s intellectual property.
There have also been discussions to sell the retailer to the private-equity firm behind the children’s apparel brand Janie and Jack, The Wall Street Journal reported this week.
Buy Buy Baby has been considered the crown jewel of the assets, reportedly attracting interest in 2022 and in the months ahead of 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 earlier reported.
The valuation of these assets remains unclear.
Bed Bath & Beyond sought bankruptcy protection in April after months of failed turnaround efforts and warnings it could find itself in court.
Stalking horse bids — the floor bid for an auction — are now due June 11 at 5 p.m. ET. The final bid deadline is now June 16 at 12 p.m. ET. If needed, an auction will take place on June 21.
The company said in court papers it believes “these limited extensions are appropriate and necessary to keep these cases progressing efficiently, while not precluding adequate evaluation of new indications of interest.”