Bankrupt retailer Bed Bath & Beyond is in talks to keep its Buybuy Baby chain open through a sale to retail investment firm Go Global Retail.
Citing sources familiar with the matter, The Wall Street Journal reported June 5 that Go Global Retailer, the owner of children’s clothing label Janie and Jack, plans to make a bid to purchase the Union-based company’s baby-focused banner.
The news comes a few days after CNBC reported that Buybuy Baby has drawn interest from at least two bidders as Bed Bath & Beyond moves to auction off its assets and keep some form of its business alive.
According to CNBC, Babylist, a direct-to-consumer baby registry website, wants to purchase Buybuy Baby’s trademark and domain, while an unknown bidder is seeking to buy the banner as a going concern and keep about 75% of the stores open.
Although Bed Bath & Beyond’s namesake business faced weak sales and mounting losses despite a turnaround attempt, analysts believe Buybuy Baby has a better shot at survival after the bankruptcy.
As of now, there doesn’t appear to be any interest in buying Bed Bath & Beyond; however, The Wall Street Journal reported that Overstock.com may look to acquire the brand’s digital assets. Under that potential deal, the popular online retailer would shut all remaining Bed Bath & Beyond stores.
At the time, the retailer said it expected to close all its stores by the end of June; however, it also planned to use Chapter 11 proceedings to search for outside buyers who could keep its 52-year-old company going or purchase assets.
According to The Wall Street Journal, Bed Bath & Beyond’s auction was originally set for June 1 but has since been pushed back to June 16.