Bankrupt retailer Bed Bath & Beyond has ended its efforts to find a buyer for its entire Buybuy Baby business, and it will instead seek court approval for a more limited sale of Buybuy Baby’s intellectual property assets.
Bed Bath & Beyond had declared Dream On Me as lead bidder for the brand’s intellectual property on June 29, but had continued to seek buyers who would take over the entire Buybuy Baby business. But no bidder offered a higher or better bid than Dream on Me’s proposal, so Bed Bath & Beyond canceled an auction that had been scheduled for Friday, according to a notice filed Thursday night in New Jersey bankruptcy court.
Dream on Me Industries, a New Jersey-based baby products retailer, has agreed to pay $15.5 million in cash for the Buybuy Baby intellectual property, including the company’s brand name, sales data, websites and mobile apps, according to court documents.