9 months ago
65 "Store Closing" signs astatine a Buy Buy Baby store successful the Brooklyn borough of New York, connected Monday, Feb. 6, 2023.
Stephanie Keith | Bloomberg | Getty Images
The New Jersey babe retailer that bought Buy Buy Baby's intelligence spot from its bankrupt genitor institution Bed Bath and Beyond besides snatched up 11 of its leases and is well-positioned to reopen stores, tribunal records show.
Dream connected Me Industries, a longtime supplier to Buy Buy Baby for cribs, strollers and different babe goods, bought the leases astatine a bankruptcy-run auction connected Wednesday for a full terms of astir $1.17 million, records filed precocious Thursday show.
The institution already bought the babe chain's IP, including its trademark, concern information and net properties, for $15.5 cardinal successful an auction precocious past month, but the woody did not see keeping Buy Buy Baby's stores open.
It is not instantly wide what Dream connected Me plans to bash with the 11 leases. The retailer does not person a ceramic and mortar footprint and presently sells its goods done a big of retail partners, including Amazon, Kohl's, Target, Walmart and Home Depot, according to its website.
However, Dream connected Me could usage the Buy Buy Baby IP assets it already obtained – positive the leases – to reopen the beloved chain.
The retailer did not instantly instrumentality a petition for comment.
Long considered the crown jewel of Bed Bath and Beyond's empire, bidders had chiefly been funny successful Buy Buy Baby aft its genitor institution declared bankruptcy successful precocious April and announced it would big a bid of auctions for its assets.
Some bidders had been funny successful keeping the chain's stores open, but ultimately, nary viable bids emerged.
Go Global Retail, a marque absorption steadfast that owns children's apparel institution Janie and Jack, tried to bid connected Buy Buy Baby arsenic a going interest to support stores open, but the deal yet fell apart, CNBC antecedently reported.
About 3 months into liquidation income astatine the chain, precise small inventory is leftover, CNBC antecedently reported. If the stores were to reopen nether caller ownership, they would apt request to beryllium closed temporarily successful bid to beryllium restocked, which Dream connected Me is well-positioned to do.
The leases Dream connected Me won astatine auction, which are considered to beryllium successful prime existent property locations, are chiefly dotted crossed the Northeast.
Four of the leases are successful New Jersey, located successful Paramus, Bridgewater, Woodbridge Township and Cherry Hill. Two are successful New York portion the remainder are successful Maryland, Delaware, Massachusetts, Connecticut and Virginia.
Dream connected Me, founded successful 1988, has astatine slightest six brands nether its portfolio, including Evolur Baby, Sweetpea Baby and Slumber Baby.
