You must be aware that Bed, Bath and Beyond was acquired by Overstock.com very recently. Now, we are seeing the results of this acquisition taking place and it is somewhat different from traditional methods as we see that Overstock has rebranded to Bed, Bath and Beyond rather than the other way around. The CEO also says that the company will operate online-only meaning that all the retail stores will be closed for good. He added that “The brand will launch in Canada next month, with a plan to launch the website and app in the United States in August and September, just in time for Labor Day” and also mentioned that Overstock’s Club O loyalty program will now become “Welcome Rewards” and offer 5% rewards on purchase as it was previously with Overstock as well.
Jonathan Johnson, CEO of Overstock, said, “Bed Bath & Beyond is an iconic consumer brand, well-known in the home retail marketplace. The combination of our winning asset-light business model and the high awareness and loyalty of the Bed Bath & Beyond brand will improve the customer experience and position the company for accelerated market share growth”. “We knew the Overstock name reflected our prior liquidation model and that it did not align with the type of products we now sell.” “We are not a liquidator and have not been one for 20 years. We offer quality, new, on-trend product at smart value.”
Further more, he said that “I’m excited for consumers to experience the new Bed Bath and an even bigger and better Beyond,” and added that Overstock.com domain will now redirect users to the new Bed, Bath and Beyond site which means the customers are not with broken links. By the end of 2023, the company hopes to sunset the Overstock brand and domain name. It is worth noting that Overstock won the bid for Bed, Bath and Beyond for $21.5M including all of its assets. He also mentioned that the transition to a new name was because “Overstock name restricted its ability to attract customers who either expected deep liquidation prices or still thought Overstock was a general merchandise retailer”.
