Shoppers were seen entering a Bed Bath & Beyond store on May 29, 2023, in Glendale, Colorado. Overstock.com has made a significant move by acquiring the intellectual property assets of the bankrupt retail chain for $21.5 million. With this acquisition, Overstock.com is rebranding itself as Bed Bath & Beyond, leaving its old name behind. Jonathan Johnson, the CEO of Overstock.com, mentioned in an interview with The Associated Press that the company is considering a corporate name change, but no decisions will be made until they fully digest their new assets.
The announcement of this switch to a well-known brand has caused a positive reaction on Wall Street. Overstock.com’s shares experienced a nearly 20 percent increase during Thursday afternoon trading. It’s important to note that this deal does not include the Bed Bath & Beyond physical stores, which are expected to close on Friday, nor does it include the Buybuy Baby chain. The name change will be implemented in Canada next month, followed by a relaunch of the company’s website and mobile app as Bed Bath & Beyond in the United States. Visitors to overstock.com will be redirected to bedbathandbeyond.com.
Overstock.com started as a liquidator in 1999, which led to some confusion among customers and suppliers due to their name. In 2004, they transitioned into a general merchandise retailer, offering a wide range of products. In 2021, Overstock.com refined its strategy to focus on furniture and home decor, discontinuing items like clothing. When Bed Bath & Beyond encountered financial difficulties last year, Overstock.com attempted to court the retailer’s suppliers, but faced skepticism. However, with their public bid for Bed Bath & Beyond, they were able to add 100,000 bed and bath items to their site, and Johnson expects this momentum to continue.
Johnson expressed that the opportunity to change the company’s name was eagerly anticipated, and they are thrilled to become Bed Bath & Beyond and expand their horizons. He assured customers that the company will still offer coupons to cater to their preferences, and noted that Overstock.com actually provides better discounts on a daily basis. Overstock.com plans to ramp up marketing efforts to make Bed Bath & Beyond customers aware of the change. The company currently has approximately 5 million customers, while Bed Bath & Beyond’s online customer base numbers around 10 million.
Bed Bath & Beyond, a well-known big box retailer, became known for its vast selection of sheets, towels, and kitchen gadgets. However, the company struggled with declining sales and attempted various strategies to revive the business. In April, Bed Bath & Beyond filed for bankruptcy protection. The acquisition of its intellectual property assets by Overstock.com marks a new phase for the company.
(Source: AP Photo/David Zalubowski)
Denial of responsibility! SamacharCentrl is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
