Shares of Overstock.com jumped on Thursday after the online retailer won an auction for a portion of the assets of bankrupt home goods chain Bed Bath & Beyond.
A customer walks into a Bed Bath & Beyond store in Novi, Michigan, U.S., January 29, 2021. REUTERS/Emily Elconin/File Photojumped on Thursday after the online retailer won an auction for a portion of the assets of bankrupt home goods chain Bed Bath & Beyond.
Overstock emerged as the winning bidder for Bed Bath & Beyond's intellectual property and mobile platform in a deal worth $21.5 million, court filings showed on Thursday. Overstock's stock rose more than 22% to $26.01, its highest level of the year. More than 8 million Overstock shares have traded in the session, nearly six times the stock's 10-day moving average volume, per Refinitiv data.
Bed Bath & Beyond stores are not part of the deal. But Overstock will acquire the chain's business data and publicity rights as well as assume certain liabilities related to transferred contracts. The sale is subject to approval by the bankruptcy court at a hearing on Tuesday.to buy some Bed Bath & Beyond assets under a "stalking horse" bid, prompting the chain to launch an auction to solicit counter offers.
Some Bed Bath & Beyond brands including its Buy Buy Baby chain, which sells products for infants and toddlers, had attracted interest from investment firms
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