New York (CNN) — Overstock.com, a prominent player in the e-commerce industry, is undergoing a name change to something equally recognizable: Bed Bath & Beyond.
This decision follows the judge’s approval of Overstock’s acquisition of the bankrupt brand’s name, domain, and loyalty program assets for over $21 million earlier this week [source]. However, the purchase does not include Bed Bath & Beyond’s physical stores, which are set to close down.
Overstock CEO Jonathan Johnson described the acquisition as a “significant and transformative step” in a press release. He believes that combining the operational model of Overstock with the renowned Bed Bath & Beyond brand will create a powerful synergy.
The first wave of changes will be witnessed by Canadian shoppers. Overstock plans to revamp its website in that country, followed by a similar shopping experience in the United States using the Bed Bath & Beyond branding. Additionally, Overstock’s loyalty program, Club O, will be rebranded as Welcome Rewards, adopting the name of Bed Bath & Beyond’s program.
Utilizing the familiar name of Bed Bath & Beyond may potentially boost Overstock’s sales, which have declined in recent quarters, echoing the struggles faced by its competitors like Wayfair. Both companies have experienced a slowdown in furniture and home goods sales after a surge during the pandemic in 2020 and 2021, when many individuals redirected their spending toward home decor while unable to travel or work from offices.
Meanwhile, the sale of the buybuyBaby chain, a former sister retailer of Bed Bath & Beyond, is being conducted separately and is considered the most attractive part of the retailer’s assets. The identity of the buyer for that portion of the business remains unclear.
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