On June 29, 2023, Overstock.com CEO Jonathan Johnson unveiled a major change for the company.
Following its acquisition of Bed Bath & Beyond’s intellectual property and digital assets through a bankruptcy auction, Overstock.com announced that it would be rebranding its website as Bed Bath & Beyond.
As a result of this news, Overstock.com’s shares experienced a significant surge of almost 20% in value. The company’s market valuation now stands at approximately $1.3 billion, with shares closing above $30 per share.
In an interview with CNBC’s “The Exchange,” Jonathan Johnson explained the reasoning behind this strategic decision. He stated that the name Overstock.com no longer accurately reflects the company’s current business model and product offerings. With a shift towards home furnishings and furniture, the brand needed a more fitting identity.
Johnson acknowledged that Bed Bath & Beyond already enjoys strong brand recognition, despite its recent mismanagement and bankruptcy filing. He believes that the shared customer base between the two companies will facilitate a smooth transition to the new website.
While the rebranded website will maintain some familiar features, such as Bed Bath & Beyond’s renowned coupons, Johnson indicated that the company will reduce the number and depth of discounts offered over the long term. He emphasized the competitive pricing of their non-coupon products.
The Canadian relaunch of the Bed Bath & Beyond website is expected within the next week, followed by the rollout of a new website, mobile app, and loyalty program in the United States in the coming weeks.
Since the announcement, Overstock.com’s shares have risen by nearly 60% this year.
Overstock.com shares surge after announcing website rebrand to Bed Bath & Beyond.
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