WISCONSIN — After efforts to save Buy Buy Baby fell apart, the company is expected to close all of its stores across the nation and Wisconsin while its parent company is liquidated.
According to a report by CNBC, parent company Janie and Jack was “eager” to buy the Bed Bath & Beyond chain and keep it running, but could not reach a deal on its value.
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Two Buy Buy Baby stores remain in Wisconsin, one in Brookfield and another in Madison, according to the company’s store locator. Both are open until 7 p.m. on Thursday, the store’s website said.
It isn’t immediately clear when stores may begin closing. CNN Business reported that debtors canceled an auction of the entire business last week. According to CNBC, the company’s lender “determined it could recover more of its losses” if they sell the intellectual property and liquidate.
Piscataway-based retailer Dream on Me Industries. one of Buy Buy Baby’s former suppliers, won the chain’s trademark and digital assets for $15.5 million according to CNBC. Bed Bath & Beyond failed to receive any higher bids.
Buy Buy Baby was seen as one of the retailer’s more valuable assets, with several companies interested in securing at least part of the brand separately from the parent company.
Bed Bath & Beyond, which is headquartered in Union, filed for Chapter 11 bankruptcy protection on April 23, listing its estimated assets and liabilities at a value up to $10 billion.
See also: Bed Bath & Beyond To Close 150 Stores; Are WI Locations Affected?
WI Stores Accepting Coupons From Bed Bath & Beyond Amid Bankruptcy
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