Fans of family supply store Buy Buy Baby are going to have to say “bye bye” to the chain after all.
One of many in a rash of retail bankruptcy filings and store closings, Buy Buy Baby’s parent company, Bed Bath & Beyond, filed for bankruptcy and announced the closing off all its brick-and-mortar stores back in April.
As a result, 360 Bed Bath & Beyond locations and 120 Buy Buy Baby storefronts will, or already have, liquidate their stock and shutter their doors for good.
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Buy Buy Baby fails to attract prospective buyer
Bed Bath & Beyond’s intellectual properties, including its name and web domain, have since been purchased at auction for $21.5 million by Overstock.com, which plans to revamp its online shop under the brand.
Last week, Buy Buy Baby’s plans to attract a similar deal to save stores ended in failure when prospective buyer Go Global and Bed Bath & Beyond’s lead creditor, Sixth Street Partners, were unable to reach an agreement, according to CNBC.
Instead, Dream on Me industries won the baby brand’s intellectual property and assets for $15.5 million. The sale to the New Jersey-based company, which had once been a supplier of Buy Buy Baby’s, was approved by a judge on Tuesday and did not include the brand’s physical locations, reported CNBC. Like the stores belonging to its parent company, Buy Buy Baby’s in-person shops will soon cease to exist.
Bed Bath and Beyond’s death rattles were heard loud and clear in August of last year when it announced plans to close 150 stores and lay of 20% of corporate staff and again in January of 2023 when it announced an additional $80 million to $100 million in spending cuts. Sales featuring deep discounts have also run periodically at locations across the country since April. Ultimately, however, attempts to trim spending and secure enough funding to stay afloat could not outpace rapidly declining sales.
Currently, the home page of the Buy Buy Baby website features a note to customers thanking them for their loyalty and declaring its “difficult decision to begin winding down operations.” It assures customers that both Bed Bath & Beyond and Buy Buy Baby locations remain open for the time being and below that, an add touting 50% – 70% off all products accompany a store locator. It is unclear when the final locations will shut down or what is in store for thousands of employees who still work for the company. For now, interested parties can revel in shopping at one final blow-out sale.
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