Overstock.com is revamping using Bed Bath & Beyond's name
Overstock.com is rebranding its website using Bed Bath & Beyond's name after it acquired intellectual property from the bankrupt company in June.
An online visit to Overstock, which sells goods like furniture, rugs and home decor, redirects U.S. users to BedBathAndBeyond.com.
"This is a historic day for Bed Bath & Beyond and Overstock — and for the broader ecommerce industry," Bed Bath & Beyond CEO Jonathan Johnson said. "Overstock has a great business model with a name that does not reflect its focus on home. Bed Bath & Beyond is a much-loved and well-known consumer brand, which had an outdated business model that needed modernizing."
Johnson told NPR customers and suppliers often assume Overstock is a liquidator, which it is not.
Bed Bath & Beyond still does not exist as a company, after it filed for bankruptcy in April. However, it agreed in bankruptcy court to sell intellectual property to Overstock for $21.5 million, in cash, including the website, mobile app and name. Assets such as store leases, inventory and warehousing were excluded in the deal.
Overstock has no plans to use physical stores again for Bed Bath & Beyond, Johnson said.
"We didn't purchase any leases for the Bed Bath & Beyond stores because we think it's an outdated business model, and it's a big expense that one is having to pass along to customers in the form of higher prices," he said. "So we never say never to physical stores, but it's never for now."
Johnson said the website will feel familiar to Bed Bath & Beyond customers, as both retailers have common suppliers. More than 600,000 items, primarily in the bed, bath and kitchen sectors, have been added to the new website.
Customers who were a part of Bed Bath & Beyond's rewards program will have their loyalty points reinstated. However, the big blue coupons that Bed Bath & Beyond often gave out cannot be used on the website.
Johnson said the new website will have lots of back-to-school deals next year, and will start selling pre-packaged boxes of dorm supplies. It will also begin registry signups in 2024. [Copyright 2023 NPR]
