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Mattress Bathtub & Past, the home-goods retailer that filed for chapter in April, accepted a $21.5 million bid from Overstock.com to accumulate its property, in accordance with a court docket submitting on Thursday.
“Following completion of the court-approved public sale course of and in session with the official committee of unsecured collectors, Mattress Bathtub & Past Inc. has chosen a proposal from Overstock.com because the profitable bidder,” Julie Strider, a Mattress Bathtub & Past spokeswoman, stated in a press release.
Overstock will obtain Mattress Bathtub & Past’s property, which embody its mental property, enterprise knowledge, rights to cellular apps and sure contracts, Ms. Strider stated. Overstock will “assume sure specified liabilities,” she added.
Overstock, the net retailer identified for promoting massive furnishings like couches and desks, declined to remark. Overstock’s inventory rose 9.8 p.c in noon buying and selling.
The acquisition will should be authorised by the court docket throughout a listening to on Tuesday in the USA Chapter Court docket for the District of New Jersey.
The deal doesn’t have an effect on Mattress Bathtub & Past plans for its namesake shops, that are set to shut by the tip of the month.
In keeping with the submitting, Mattress Bathtub & Past had accepted Overstock’s “stalking horse bid,” that means that it made the primary bid on Mattress Bathtub & Past’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. Mattress Bathtub & Past’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 stated.
It was simply one in every of a number of firms that has been scrambling to win over Mattress Bathtub & Past’s distributors, actual property and prospects within the two months because the retailer stated it might wind down operations after greater than 50 years.
Overstock’s acquisition of Mattress Bathtub & Past’s mental property may embody patents, logos and company names. A bankrupt retailer promoting its mental property permits it to stay 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 elements of BuyBuy Child, which Mattress Bathtub & Past owns. That can happen in a separate public sale subsequent week and the profitable bidder may attempt to preserve these shops open.
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