Bid to save Buy Buy Baby fails — All NJ stores to close

👶 Efforts to keep beloved baby retailer open have failed

😔 All stores will now close nationwide, including 8 in NJ

⤵ Bankruptcy completes epic collapse of once-dominant retailer

A last-ditch effort to save the Buy Buy Baby franchise has failed and the stores will now all close.

Franchise owner Bed Bath & Beyond began bankruptcy liquidation sales three months ago, but there was still hope a buyer for the chain could be fund that would keep the stores open.

Go Global Retail, a brand management firm that also owns the Janie and Jack apparel company had put in a bid for Buy Buy Baby with the intention of keeping the stores open.

However, during a bankruptcy proceeding in Newark on Tuesday it was learned the financing package was just not there.

Ultimately, a judge approved a competing bid from New Jersey-based retailer Dream On Me Industries. They will pay $15.5 million for Buy Buy Baby's trademark and digital assets only.

Dream On Me had been one of Bed Bath and Beyond's suppliers.

A lawyer for Bed Bath & Beyond told CNBC it was “unfortunate” they weren’t able to secure a buyer and confirmed all 120 stores nationwide would close.

Buy Buy Baby has eight locations in New Jersey.

The New Jersey-based Bed Bath and Beyond split bankruptcy filings to sell Buy Buy Baby as a separate entity, hoping to find a buyer that would keep the physical stores open.

In July, online retailer Overstock.com purchased the Bed Bath and Beyond name and will rebrand itself with the name of the once enormously popular franchise.

Overstock did not purchase any of the physical Bed Bath and Beyond stores and does not plan to operate any brick-and-mortar locations.

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