Well, for the existing shareholders, 20% of something (maybe) is better than 100% of nothing. But quite haircut.
On a more technical note: is BBBY still running an ATG/Oracle Commerce web platform? If so, I was involved in a project a few years ago where Sapient was reselling IP (a shopfront accelerator for ATG) to other retailers (the project I was on successfully put that live for a apparel business, hooked to a Sterling Commerce OMS). That website was shut down a few years later, so isn’t visible anymore.
Yeah, this is very common for end of life companies. The “investor of last resort” takes the risk and the spoils. I’m surprised it was only 80%! I have seen it higher!
It appears to be with a custom ASP.Net front-end likely
BBBY may have deheaded the commerce platform using ASP.Net, but the backend may still be ATG/Oracle Commerce, or may have been totally replaces (a lot of retailers who were using ATG/Oracle Commerce have deheaded or replaced, and I have seen both).