Some positive news for the retail industry in Virginia could be on the horizon.
Over the last few weeks, there has been a lot of bad news for the retail industry.
buybuy Baby, the chain of stores that sells clothing, strollers, and other items for use with infants and young children, is owned by retailer Bed Bath & Beyond, which has filed for bankruptcy.
There were fears that both chains would cease operations and all stores close by June 30.
However, there has been news of at least two potential bidders looking to acquire the buybuy Baby brand, and this could be good news for Virginia shoppers.
A report from CNBC states:
Buy Buy Baby is drawing interest from at least two bidders as its parent company, Bed Bath & Beyond, works to auction off its assets and keep some form of its business alive.
It has been confirmed that one of the bidders is Babylist, “the leading vertical marketplace and commerce destination for baby, driving purchase decisions for more than 9 million people each year.” They would look to buy the trademark and domain of the brand.
The identity of the second bidder has yet to be revealed.
Ankura Capital Advisors, an investment banking firm, represents the second buyer, an " independent operator with several successful, complimentary retail chains in their portfolio.”
If the second buyer were successful, "75% of the 120 buybuy baby stores across the nation will remain open."
This provides hope that the retail chain could be saved.
There are three buybuy Baby stores in Virginia, and all are currently holding liquidation sales. Now there is some hope they could remain open.
List of buybuy BABY stores in Virginia
- 24670 Dulles Landing, Unit 130, Dulles, VA 20166
- 6398 Springfield Plaza, Springfield, VA 22150
- 2700 Potomac Mills Circle, Suite 100, Woodbridge, VA 22192
While there is some interest in acquiring the baby retail business, there do not appear to be any suitors for Bed Bath & Beyond at this stage.
As a result, all 360 Bed Bath & Beyond stores would close if no buyer came forward.
Would you like to see buybuy Baby stores remain open in Virginia? Do you believe keeping brick-and-mortar stores open for those who don't like buying online is important? Would you like to see financial incentives offered to keep stores open and retail staff employed?
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