Listen to this article
After a valiant attempt by Bed Bath & Beyond to emerge from Chapter 11 bankruptcy, the final steps to unwind the Union-based company’s business are underway.
According to a July 10 filing with the U.S. Securities & Exchange (SEC), the once-iconic home goods retailer expects to be delisted from the Nasdaq Stock Market at the opening of the July 20 trading session.
Once Nasdaq notified Bed Bath & Beyond on April 24 – a day after the retailer filed for bankruptcy – of a potential delisting, the company opted not to pursue an appeal and the stock was suspended from trading nine days later, the filing said.
Over the past week, Bed Bath & Beyond has ceased efforts to find a buyer for Buybuy Baby’s brick-and-mortar stores and will instead seek court approval of a more limited sale of the baby goods retailer’s IP assets to Piscataway-based Dream On Me Inc. for $15.5 million.
Meanwhile, e-commerce site Overstock.com purchase the home good store’s intellectual property and digital platforms for $21.5 million, while Bed Bath & Beyond’s 250 namesake stores and 120 Buybuy Baby locations are in the process of being auctioned.