June 13 (UPI) -- Bed Bath & Beyond has received a bid from Overstock.com as a "stalking horse" bidder to purchase the branding and some aspects of the business, according to a bankruptcy filing Tuesday.
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Axios reports that Bed Bath & Beyond confirmed that Overstock.com put in a $21 million bid for the company.
The "stalking horse" bid sets the minimum range for companies submitting further bids for Bed Bath & Beyond's remaining assets, which include the company IP address, brand, certain contracts, its mobile properties and business data.
The bid does not include Bed Bath & Beyond's store locations, which are currently in the process of selling off stock and being liquidated.
In January, the company defaulted on its credit, and in February, it attempted a last-ditch stock offering to try and avoid bankruptcy.
The company had 360 Bed Bath & Beyond locations, and 120 Buy Buy Baby locations when it ultimately filed for Chapter 11 bankruptcy in April.
Bids from other potential purchasers are due Friday, but the company may extend the process an additional week.
The company told Axios that "if additional bids are received, an auction is expected to take place the following week on Wednesday, June 21, to determine the winning bidder."