Buy Buy Baby’s (Union, N.J.) 120-plus stores will close after a last-ditch effort to save the chain fell through, CNBC is reporting. Go Global Retail (Manhattan Beach, Calif.), owner children’s apparel company Janie and Jack, wanted to buy the unit of bankrupt Bed Bath & Beyond and keep it running, but couldn’t reach an agreement on a price, the brand-management firm’s CEO Jeff Streader told the cable news network.
Dream on Me Industries (Piscataway, N.J.), 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.
When the auction process first began, Go Global was prepared to offer a “substantially higher” price, a source told the cable news channel. In May, the firm was seeking an additional $50 million in capital to shore up its bid, CNBC previously reported.
But now, nearly three months into liquidation sales at Buy Buy Baby’s stores, there was very little left to bid on besides its IP (intellectual property), empty stores, leases and whatever inventory was left, said the source.