Buy Buy Baby’s stores are set to disappear after a last ditch effort to save the chain and keep the business alive fell apart, CNBC has learned.
Brand management firm Go Global Retail, which owns children’s apparel company Janie and Jack, was eager to buy the beloved Bed Bath & Beyond chain and keep it running, but ultimately couldn’t reach an agreement on valuation, the firm’s CEO Jeff Streader told CNBC.
Lender Sixth Street Partners, Bed Bath & Beyond’s lead creditor, determined it could recover more of its losses than what Go Global was willing to offer by selling Buy Buy Baby’s intellectual property, auctioning off its leases and moving ahead with liquidation sales.
Dream on Me Industries, a little-known New Jersey-based retailer and one of Buy Buy Baby’s former suppliers, won the chain’s trademark and digital assets for $15.5 million after Bed Bath & Beyond failed to receive any higher bids.
Go Global believed there was a path to close as recently as Monday, but in the…
2023-07-11 19:29:09
Original from www.cnbc.com