Bed Bath & Beyond has been purchased by Overstock.com in a bankruptcy auction, leading to a rebranding of the e-commerce giant. Overstock bid $21.5 million for Bed Bath & Beyond’s intellectual property assets, including its website, domain names, trademarks, and customer database. This acquisition will allow both companies to offer customers a wide range of home furnishings and related products through a single online storefront. Overstock CEO Jonathan Johnson believes that this combination will enhance the customer experience and drive market share growth.
In a statement, Johnson stated that the combination of Overstock’s asset-light business model and the strong brand of Bed Bath & Beyond will lead to improved customer experiences and accelerate market share growth. The company is also considering reinstating expired Welcome Rewards points, although expired Bed Bath & Beyond coupons will not be accepted. Johnson reassures customers that they can expect better deals on the revamped website compared to the previous Bed Bath & Beyond with a coupon.
Overstock plans to relaunch Bed Bath & Beyond’s domains in both Canada and the U.S., starting with bedbathandbeyond.ca within the next week and followed by a refreshed U.S. mobile app, loyalty program, and website a few weeks later. However, Overstock did not purchase Bed Bath & Beyond’s physical stores, which are still scheduled to close this summer. The bankruptcy court has approved Overstock’s bid for Bed Bath & Beyond’s assets, resulting in the brand’s filing for bankruptcy after struggling to adapt to the rise in online shopping and experiencing years of declining sales.
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