Bed Bath & Beyond gets court approval of bid procedures

By Sarah Lizee

Olympia, Wash., April 26 – Bed Bath & Beyond Inc. received approval of bid procedures for its assets, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of New Jersey.

As previously reported, the company filed bankruptcy with plans to wind down its businesses and conduct a limited marketing process for some or all of its assets.

While the company has started a liquidation sale, it also filed motions with the court seeking authority to market its 360 Bed Bath & Beyond and 120 buybuy BABY through an auction process.

The company said it is also strategically managing inventory to preserve value.

In the event of a successful sale, the company will pivot away from any store closings needed to implement a transaction.

Under the bid procedures, the company has until 5 p.m. ET on May 22 to choose a stalking horse bidder.

The bid deadline is noon ET on May 28, an auction will be held on June 2, and a sale hearing will take place on June 7.

Bed Bath & Beyond has retained Hilco Merchant Resources LLC to assist with inventory sales.

The chain of retail stores has headquarters in Union, N.J. The company filed bankruptcy on April 23 under Chapter 11 case number 23-13359.

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