Overstock.com will buy certain assets of bankrupt home goods retailer Bed Bath & Beyond for $21.5 million, the online retailer said on Tuesday, Reuters reported. The deal, designated a stalking-horse bid under the U.S. Bankruptcy Code, will include intellectual property, business data and rights to mobile applications, and will also assume certain liabilities of Bed Bath & Beyond. Bed Bath will continue to solicit other bids until the expected deadline on Friday and will undertake an auction next week to determine the winning bidder if additional bids are received, the company said. The retailer had delivered 10% of the purchase price in cash to an escrow agent in immediately available funds, Overstock said in a regulatory filing. Bed Bath & Beyond filed for chapter 11 bankruptcy protection in April after struggling with dwindling sales and a failed merchandising strategy.
