June 28 (UPI) — Overstock, the well-known Utah-based online retailer specializing in furniture sales, has made a bold move by acquiring the intellectual property of Bed Bath & Beyond, a struggling big box store, during their bankruptcy proceedings. Overstock plans to relaunch Bed Bath & Beyond’s website, breathing new life into the brand.
In a hearing held at the U.S. Bankruptcy Court for the District of New Jersey, Overstock purchased Bed Bath & Beyond’s website and domain names, trademarks, patents, customer database, loyalty program data, and other brand assets for $21.5 million in cash. However, the deal excludes any inventory, logistics, warehousing assets, or leases for Bed Bath & Beyond’s physical retail locations. The assets of buybuy Baby and Harmon, both affiliated with Bed Bath & Beyond, are also excluded from the deal.
Overstock shared the news of this acquisition with its shareholders through a news release and will further discuss the purchase during a conference call later this week.
Within the coming week, Overstock plans to relaunch Bed Bath & Beyond’s Canadian domain, bedbathandbeyond.ca. Subsequently, they will refresh the U.S. website at bedbathandbeyond.com, introduce a mobile app, and roll out a loyalty program in the following weeks.
Jonathan Johnson, the CEO of Overstock, expressed his enthusiasm for the acquisition, stating, “This acquisition marks a significant and transformative milestone for us. Bed Bath & Beyond is a renowned consumer brand within the home retail industry. By combining our successful asset-light business model with the strong awareness and loyalty associated with the Bed Bath & Beyond brand, we aim to enhance the customer experience and position ourselves for rapid market share growth.”
According to an article by CNBC, Buy Buy Baby Inc. may undergo separate auctions for its intellectual property and physical stores in the near future.
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