Bed Bath & Beyond, the home-goods retailer that filed for bankruptcy in April, accepted a $21.5 million bid from Overstock.com to accumulate its property, in keeping with a court filing on Thursday.

“Following completion of the court-approved auction process and in consultation with the official committee of unsecured creditors, Bed Bath & Beyond Inc. has selected a proposal from Overstock.com as the winning bidder,” Julie Strider, a Bed Bath & Beyond spokeswoman, mentioned in a press release.

Overstock will obtain Bed Bath & Beyond’s property, which embody its mental property, enterprise information, rights to cellular apps and sure contracts, Ms. Strider mentioned. Overstock will “assume certain specified liabilities,” she added.

Overstock, the net retailer identified for promoting giant furnishings like couches and desks, declined to remark.

The acquisition will have to be authorised by the court docket throughout a listening to on Tuesday within the United States Bankruptcy Court for the District of New Jersey.

The deal doesn’t have an effect on Bed Bath & Beyond plans for its namesake shops, that are set to shut by the tip of the month.

According to the submitting, Bed Bath & Beyond had accepted Overstock’s “stalking horse bid,” which means that it made the primary bid on Bed Bath & Beyond’s property.

Overstock has been increasing its house décor and small equipment choices lately as shopper demand for big-ticket purchases has come down from its pandemic highs. Bed Bath & Beyond’s downturn in 2022 offered Overstock with a chance to court docket the beleaguered retailer’s distributors, Jonathan Johnson, the chief government of Overstock, has mentioned.

It was simply considered one of a number of firms that has been scrambling to win over Bed Bath & Beyond’s distributors, actual property and prospects within the two months because the retailer mentioned it might wind down operations after greater than 50 years.

Overstock’s acquisition of Bed Bath & Beyond’s mental property may embody patents, logos and company names. A bankrupt retailer promoting its mental property permits it to dwell on in some type as a result of the client can then market the model. That has been the case with Toys ‘R’ Us, which filed for chapter 2017 and located new life as a resurrected model.

Bidders are additionally seeking to purchase components of BuyBuy Baby, which Bed Bath & Beyond owns. That will happen in a separate public sale subsequent week and the successful bidder may attempt to maintain these shops open.