Overstock.com Wins , Bed Bath & Beyond Auction.
Overstock.com will assume control of
Bed Bath & Beyond's intellectual property
and digital assets, NBC News reports. .
Court records filed on June 22 indicate that $21.5 million was the winning bid. .
While the deal won't keep Bed Bath & Beyond
stores open, the failed retailer's name will live on.
The sale must be approved
at a hearing on June 27.
If for some reason the deal with Overstock.com falls through,
there is a backup bidder in place.
The backup bidder, Ten Twenty Four, operates as Beyond Pricing and helps vacation rental owners maximize profits. .
Bed Bath & Beyond intends to separately auction its Buy Buy Baby chain.
This would allow the company to find a buyer to keep those stores open without assuming Bed Bath & Beyond's assets. .
That auction is scheduled to
take place on June 28