After facing financial difficulties and closing its physical stores earlier this year, Bed Bath & Beyond has made an exciting comeback. The iconic blue-and-white brand officially relaunched its website this week, signaling a fresh start for the beloved home-goods retailer.
In a strategic move, online retailer Overstock acquired the brand name, website, and associated intellectual property of Bed Bath & Beyond in a $21.5 million deal. This acquisition allows Overstock to leverage the strength of Bed Bath & Beyond's well-established brand while incorporating their own successful online retail expertise.
Under the rebranded identity, Bed Bath & Beyond will no longer have physical stores but will thrive as an online presence. Overstock's CEO, Jonathan Johnson, aims to capitalize on the beloved retailer's reputation while introducing a larger and enhanced assortment of home furnishings and furniture.
"We are injecting new vitality into Bed Bath & Beyond, transforming it into an asset-light, e-commerce retailer," expressed Johnson. "Think of it as Bed Bath & Beyond, but with a much bigger and better selection."
Johnson further explained that Overstock's name no longer aligned with their focus on home products, making the acquisition of Bed Bath & Beyond a smart move to modernize their business approach. With this new development, Overstock is bid farewell as the retailer fully completes its rebranding process.
If you were a fan of Bed Bath & Beyond or are curious about the relaunch, here is what you need to know:
Has Overstock Become Bed Bath & Beyond?
Yes, Overstock has indeed rebranded itself as Bed Bath & Beyond. The online retailer completed its transformation this week and will soon retire the name "Overstock." To experience the revitalized shopping journey, visit the new website "BedBathandBeyond.com" in the U.S. or "BedBathandBeyond.ca" in Canada, as it replaces the previous Overstock.com platform.
Overstock.com Rebrands to Bed Bath & Beyond
Retail analysts have highlighted that Overstock.com was facing customer erosion prior to its rebranding. Neil Saunders, Managing Director of data analysis at consulting company GlobalData, explained that Overstock had always struggled with visibility as a home retailer. Shoppers often overlooked the store when considering purchasing homeware due to the lack of specificity in its name.
Now rebranded as Bed Bath & Beyond, the company will continue to offer a similar range of products, including items for the kitchen, bedroom, and bathroom. Additionally, Overstock plans to expand its offerings with more home area rugs, home-improvement products, and lighting options.
As part of the acquisition, Bed Bath & Beyond has also gained access to Overstock's private-label brands. While exact plans remain undisclosed, it is likely that these brands will be utilized in the future. The private brands include Nestwell, a bedding-and-linen brand; Marmalade, a furniture and decor brand for kids; and Studio 3B, a brand specializing in contemporary furniture and modern-home accents.
Using Your Points and Rewards at the New Store
When Bed Bath & Beyond filed for bankruptcy last year, it unfortunately marked the end of its beloved 20%-off coupons and loyalty programs. However, there is good news for former Welcome Rewards members. Overstock has recently introduced an updated program called Welcome Rewards by Club O, which aims to provide a seamless transition for former Club O members from Overstock.com. If you were part of Bed Bath & Beyond's Welcome Rewards program, you will need to take a few steps to activate your new account in order to claim your rewards. We understand that many loyal customers lost rewards and points when the old program ended, but rest assured, we are working diligently to resolve this issue. Stay on the lookout for an email inviting you to learn more about the new program in the coming weeks. We value your loyalty and are committed to providing the best experience for our customers.
Ticker Symbol Update
Despite the changes taking place with Bed Bath & Beyond, Overstock.com Inc has decided not to change its ticker symbol at this time. The company will continue to trade under OSTK. On the other hand, shares of the now-bankrupt Bed Bath & Beyond Inc, which were previously traded on major exchanges, are now available in the over-the-counter market. These shares have caught the attention of retail investors looking to capitalize on potential opportunities.