(Reuters) – Bankrupt retailer Bed Bath & Beyond’s Buy Buy Baby stores are set to shutter after a last ditch effort to save the chain and keep the business alive fell apart, CNBC reported on Tuesday.
Brand management firm Go Global Retail was eager to buy the Bed Bath & Beyond chain and keep it running, but couldn’t reach an agreement on valuation, the firm’s CEO Jeff Streader told CNBC.
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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, according to the report.
Bed Bath did not immediately respond to a Reuters’ request for comment.
Once a storied retailer, Bed Bath & Beyond filed for Chapter 11 bankruptcy protection in April after struggling for years with dwindling sales and a failed merchandising strategy.
(Reporting by Savyata Mishra in Bengaluru)
By: OAN
