All eyes are on Bed Bath & Beyond (OTCMKTS:BBBYQ) stock today after the embattled retailer extended its stalking horse bid deadline from June 1 to June 8. Other deadlines, such as the date of the auction, were also pushed back accordingly. Now, Bed Bath’s debtors have until June 8 to select a stalking horse bid or bids for some or all of Bed Bath’s assets.
This morning, CNBC reported that Bed Bath subsidiary Buy Buy Baby has drawn interest from at least two bidders. One of the unnamed potential bidders seeks to purchase Buy Buy Baby “as a going concern.” The bidder also plans to keep 75% of Buy Buy Baby’s stores open. The anonymous potential bidder is reportedly an “independent operator with several successful, complimentary retail chains in their portfolio.”
Following the release of the news, BBBYQ stock shareholders were quick to take to social media to discuss the identity of the party. Many speculate that the unknown bidder is GameStop (NYSE:GME) Chairman Ryan Cohen.
BBBYQ Stock: Bed Bath & Beyond Extends Stalking Horse Deadline to June 8
Ankura Capital Advisors is the advisor of the anonymous bidder, who has requested “an additional $50 million in capital to shore up its proposal.”
The other potential bidder has been identified as Babylist. This potential bidder operates as a direct-to-consumer baby registry platform that allows users to create wishlists from several websites. Babylist CEO Natalie Gordon confirmed that the company is seeking to purchase the Buy Buy Baby trademark and domain.
As of now, there is not yet confirmation of a party who would like to place a bid for the Bed Bath entity. However, a person familiar with the matter disclosed that bidders are interested in purchasing Bed Bath & Beyond’s digital assets.
After debtors select a stalking horse bid or bids, June 14 will mark the final bid deadline. Next, the auction, if necessary, will be held on June 16 at 10 a.m. Eastern. After that, the deadline for any objections to the sale will fall on June 21. Finally, the sale hearing before the court to consider approval of the bid or bids will take place on June 23, or “soon thereafter as the Debtors may be heard.”
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On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
