A U.S. bankruptcy judge yesterday approved Overstock.com's $21.5 million purchase of Bed Bath & Beyond's brand name, intellectual property and ecommerce platform, Reuters reported. Bankruptcy Judge Vincent Papalia approved the sale at a court hearing in Newark, New Jersey, saying that he was "gratified" to see a bidder emerge that would preserve Bed Bath & Beyond's brand. Overstock emerged as the winning bidder for the company's intellectual property in a deal worth $21.5 million, court filings showed on Thursday. Bed Bath & Beyond stores and inventory are not part of the deal. Once a storied retailer, Bed Bath & Beyond filed for chapter 11 bankruptcy protection in April after struggling for years with dwindling sales and a failed merchandising strategy. Bed Bath & Beyond is hosting a separate auction starting tomorrow for its Buy Buy Baby chain, which sells products for infants and toddlers. The Buy Buy Baby assets have attracted interest from investment firms Go Global Retail and Sixth Street Partners, according to media reports.
