The company is asking for bids until a deadline on Friday. If there are more offers, there will be an auction on June 21.
Overstock, an online-only home furnishings marketplace, did not immediately respond to a request for comment.
Bed Bath & Beyond filed for Chapter 11 bankruptcy in late April after the home goods retailer failed to raise $300 million in capital amid falling sales and a rising share price. The chain is conducting closing store sales at its 360 locations and 120 Buy Buy Baby stores.
The Union, NJ-based chain has suffered a year of decline due to bad investments, patchy inventory and dwindling customer interest. Over the past decade, rivals such as Amazon, Wayfair, Walmart and Target have beefed up their homeware lines, eating into Bed Bath & Beyond’s customer base. (Amazon founder Jeff Bezos owns The Washington Post.)
Overstock, based in Midvale, Utah, is known for selling furniture and home decor at affordable prices. The business has grown during the pandemic, reaching 8 million customers by the end of 2020, chief executive Jonathan Johnson said on the company’s first-quarter earnings call in April.
The online retailer reported that total net income fell 29 percent over the year to $381 million. Active customers also declined as consumers cut back on discretionary spending and the housing market slowed.
Johnson said the company is optimistic business will pick up in the second half of the year.
“While our strategic focus at home has caused some pain in the short term, we continue to believe it was and is the right decision for our future,” he said.