Major Retailer To Close Remaining VA Stores
Business Major Retailer To Close Remaining VA Stores Buy Buy Baby will shut down all of its remaining locations, including 3 in Virginia. Liquidation sales have already started. Reply
Buy Buy Baby will shut down all of its remaining locations, including 3 in Virginia. Liquidation sales have already started. (Artur Widak/NurPhoto/Shutterstock)
VIRGINIA — A last-ditch effort to save Buy Buy Baby fell apart, and the company will close all its stores in Virginia and across the U.S. as part of its bankrupt parent company's ongoing liquidation.
CNBC reported that the owner of children’s apparel 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. There are three Buy Buy Baby (styled buybuy BABY) stores remaining in Virginia. As of Thursday morning, the Dulles, Woodbridge, and Springfield locations are still listed as open on Buy Buy Baby's website.
Buy Buy Baby's lender "determined it could recover more of its losses" by selling the chain's IP (intellectual property) and going ahead with liquidation sales. Debtors canceled an auction of the entire business last week, CNN Business reported. It is not immediately clear when stores would begin closing. New Jersey's 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, New Jersey, filed for Chapter 11 bankruptcy protection on April 23, listing its estimated assets and liabilities at a value up to $10 billion. Discounted sales have been going on since late April at 360 Bed Bath and Beyond stores around the country, including the stores remaining in New Jersey.
Source: Patch
