Add 120 more doors to the store closure list.
The Buybuy Baby auction that could have drummed up a going-concern buyer was canceled because no such bids materialized, according to court documents. That means Dream on Me Industries Inc., the baby retailer which submitted a $15.5 million offer, is the winning bidder for Buybuy Baby’s intellectual property assets. It wasn’t immediately clear what Dream on Me plans to do with Buybuy Baby, which reportedly could have fetched around $630 million to $910 million last year before parent Bed Bath & Beyond‘s downward spiral and April 23 bankruptcy collapse.
There had been talk in recent weeks that an interested party wanted to keep 90 Buybuy Baby stores open, a number that quickly narrowed to less than 40. Then Dream on Me was named the stalking horse bidder and no else put together a competitive offer.
Administrators are currently liquidating the last remaining Bed Bath & Beyond and Buybuy Baby stores.
Overstock.com purchased Bed Bath & Beyond’s IP assets for $21.5 million and plans to rebrand itself using the better known Bed Bath & Beyond banner.
