Bed Bath and Beyond Inc. is set to sell its intellectual property and some of its digital assets to Overstock.com Inc. for $21.5 million, according to a bankruptcy court filing on Thursday.
(Bloomberg) — Bed Bath and Beyond Inc. is set to sell its intellectual property and some of its digital assets to Overstock.com Inc. for $21.5 million, according to a bankruptcy court filing on Thursday.
The terms of the deal, which must still be approved by a bankruptcy court in New Jersey next Tuesday, also include the company’s Internet properties and business data.
Overstock.com’s shares rose as much as 14% Thursday.
The sale doesn’t include the company’s Buy Buy Baby brand. A separate auction for those assets is set for June 28.
Bed Bath and Beyond, which filed for Chapter 11 bankruptcy in April, is the latest retailer to succumb to changing consumer shopping habits and supply chain snarls.
The case is Bed Bath and Beyond, 23-13359, U.S Bankruptcy Court, District of New Jersey.
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