INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

9. INTANGIBLE ASSETS, NET

On June 12, 2023, we entered into an Asset Purchase Agreement with Bed Bath & Beyond Inc. ("BBBY"), and certain subsidiaries, to acquire certain intellectual property related to the Bed Bath & Beyond banner from BBBY. On June 27, 2023, under a Bankruptcy Court supervised process, the U.S. Bankruptcy Court for the District of New Jersey approved the sale of the assets to the Company and on June 28, 2023, BBBY delivered the intellectual property assets via an Intellectual Property Assignment Agreement. The total purchase price, inclusive of direct acquisition-related expenses totaled $25.6 million, which has been allocated to two major asset categories consisting of $21.8 million for trade names with an indefinite useful life and $3.8 million for customer lists with an estimated useful life of five years.

Intangible assets, net consist of the following (in thousands):


	December 31,
	2023		2022
Intangible assets subject to amortization, gross (1)	$	5,331	$	1,552
Less: accumulated amortization of intangible assets	(2,114)		(1,543)
Intangible assets subject to amortization, net	3,217		9
Intangible assets not subject to amortization	22,037		—
Total intangible assets, net	$	25,254	$	9

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(1) At December 31, 2023, the weighted average remaining useful life for intangible assets subject to amortization, gross was 4.5 years.