Overstock.com in $21.5 million bid for some assets of Bed Bath & Beyond

The Bed Bed & Beyond brand name may yet live to see another day.

The bankrupt company, which filed for Chapter 11 in April with plans to wind down its business, has received a $21.5 million “stalking horse” bid from online home goods and furniture retailer Overstock.com for some of its assets.

According to court documents, the cash offer includes all of Bed Bath & Beyond’s intellectual property, business data, internet properties, rights to mobile applications and certain contracts.  It does not include Bed Bath & Beyond brick-and-mortar stores, which have holding going-out-of-business sales for the past few weeks.

The Overstock.com bid also does not include Bed Bath & Beyond’s BuyBuy Baby banner, whose stores are also in the process of holding closing sales. (The baby products chain has reportedly generated interest from a couple of  parties, including online baby.)

As the stalking horse bid, the Overstock offer sets the minimum purchase price for any additional bids that may come in.  Competing bids are due by noon on Friday, June 16.  An auction  — if needed — is scheduled to take place on June 21, to determine the winning bidder. The final sale hearing is set for June 27.

If Overstock is the successful bidder, the company said it will deliver a 10% deposit, or $2.15 million, within one business day of the transaction’s closing.