Your local Bed Bath & Beyond might be going out of business and on its way to becoming a pickleball court — yes, really — but don’t expect the home goods chain to vanish completely, just yet.
Overstock.com bought the retailer’s name, intellectual property, and digital assets for $21.5 million, which means the brand will continue on, CNN Business reported.
Related: Here’s What Bed Bath & Beyond’s Bankruptcy Means for Retail
The buyout wasn’t enough to keep the retailer’s brick-and-mortar stores open: Those are still shuttering following Bed Bath & Beyond’s bankruptcy filing in April. The chain estimates it will close its stores completely by June 30.
Overstock’s initial bid for Bed Bath & Beyond’s assets set the minimum price, also known as a stalking horse bid, but should the agreement fall through, software company Ten Twenty Four Inc, which also submitted a bid, will purchase the Beyond.com domain, per the outlet.
Overstock.com Inc., an e-commerce retailer that primarily sells furniture, is headquartered in Utah and was founded by Patrick M. Byrne, who served as the company’s CEO from 1999 to 2019.
A hearing is scheduled for next Thursday to finalize Overstock’s purchase, according to CNN.
Related: Bed, Bath, Beyond & Bankruptcy: Low Inventory Threatens Chain
The Bed Bath & Beyond-owned chain buybuyBaby, which retail analyst Neil Saunders told the outlet “is the one part of the operation that will probably attract interest from buyers,” will be sold off separately.