A new buyer could save four retail stores in Michigan.
Over the last few weeks, there has been a lot of bad news for the retail industry as several large chains file for bankruptcy.
One of these is Bed Bath & Beyond, which announced unless it found a buyer, it would cease operations and close all stores by June 30. Included in this is buybuy Baby, which is owned by Bed Bath & Beyond. buybuy Baby sells clothing, strollers, and other items for use with infants and young children.
However, there has been news of at least two potential bidders looking to acquire the buybuy Baby brand, which could be good news for Michigan 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.
"I think buybuy Baby has a future. It's a part of the market where clients still appreciate advice and insight from specialists. So there's still a need for this category in a way there just isn’t for Bed Bath & Beyond." Neil Saunders, managing director at GlobalData analytics and consulting company.
There are four buybuy Baby stores in Michigan, and all are currently holding liquidation sales. Now there is some hope they could remain open.
List of buybuy BABY stores in Michigan
- 42595 Ford Road, Canton, MI 48187
- 4100 28th Street Southeast, Kentwood, MI 49512
- 28512 Telegraph Rd, Southfield, MI 48034
- 13361 Hall Road, Utica, MI 48315
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 Michigan? Do you agree it is better to receive advice from experts rather than shopping online?
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