Overstock.com wins auction for Bed Bath & Beyond's intellectual property; shares gain

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Overstock.com wins auction for Bed Bath & Beyond's intellectual property; shares gain

Overstock.com (NASDAQ: OSTK ) shares gained over 8% in early Thursday trading after the company won the auction to buy Bed Bath & Beyond's (OTC: BBBYQ ) intellectual property and digital assets for $21.5 million during a bankruptcy-run auction, according to court records.

CNBC first reported on the auction results.

Overstock will buy BBBY’s brand name, business data, and digital assets for $21.5 million, court documents show.

“On June 13, 2023, in accordance with the Bidding Procedures Order, the Debtors filed the Notice of Selection of Stalking Horse Bidder [Docket No. 708] pursuant to which the Debtors selected Overstock.com, Inc. as the Stalking Horse Bidder for the Acquired Assets (as defined in the Overstock APA),” it is said in the court record.

The sale still needs to be approved at a hearing.

The embattled retailer filed for bankruptcy in April.

 

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