Bed Bath & Beyond is splitting the bankruptcy-run auction of its Buy Buy Baby chain into two phases as the retailer struggles to nail down bids in a sale process now shrouded in doubt.
The move, considered unusual in the world of bankruptcy, allows Bed Bath & Beyond to boost bids for its Buy Buy Baby chain as doubts grow about what, if any, offers will come in, some of the people said.
But as the auction drew nearer, interest in keeping those stores alive waned and the retailer has struggled to nail down bids in an increasingly uncertain sale process, some of the people said. “There’s not a profitable model where you only have 10 stores or 40 stores,” a person with knowledge of the matter previously told CNBC.A credit bid from pre-bankruptcy lender Sixth Street Partners, which could team up with an e-commerce platform, is considered a top contender, some of the people said. It’s unclear if the offer will go beyond the intellectual property assets. Sixth Street Partners did not respond to CNBC’s request for comment.
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