Signs stating everything is on sale at a Buy Buy Baby store in the Brooklyn borough of New York, Feb. 6, 2023.
Buy Buy Baby's stores are set to disappear after a last ditch effort to save the chain and keep the business alive fell apart, CNBC has learned.
Sixth Street was not unreasonable but there was a difference in opinion on valuation," he said.
However, nearly three months into liquidation sales at Buy Buy Baby's 120 stores, there was very little left to bid on besides its IP, empty stores, leases and whatever inventory was left, said the source.
During a hearing in federal bankruptcy court in Newark, New Jersey, on Tuesday, Judge Vincent Papalia approved the sale of Buy Buy Baby's intellectual property to Dream on Me as one of the bidder's staffers, who appeared virtually via Zoom for the hearing, was seen smoking a cigarette on screen.
Persons:
Janie, Jack, Jeff Streader, Streader, Judge Vincent Papalia, aren't
Organizations:
CNBC, Brand, Go Global, Sixth Street Partners, Bed, Global, Industries, Sixth, Go
Locations:
Brooklyn, New York, New Jersey, Newark , New Jersey