Overstock's US website officially changes its name to Bed Bath & Beyond

It is learned that on August 1, Overstock officially changed the name of its US website to Bed Bath & Beyond and revamped it. After announcing the acquisition of Bed Bath & Beyond brand assets in June this year, Overstock changed the name of its Canadian website to Bed Bath & Beyond that month.

In April this year, Bed Bath & Beyond, which had been in operation for 52 years, filed for Chapter 11 bankruptcy protection in the United States. Its bankruptcy documents showed that its financial condition was damaged by its slow acceptance and development of e-commerce business. During the epidemic, many physical stores were forced to close, exacerbating the problem.

After filing for bankruptcy, Bed Bath & Beyond has been trying to sell parts of its business separately in order to maximize value for shareholders and stakeholders. Although no one was willing to take over Bed Bath & Beyond's physical stores, Overstock saw an opportunity to acquire its brand assets.

On June 28, Overstock acquired Bed Bath & Beyond's brand assets and intellectual property for $21.5 million, emerging from bankruptcy.

However, the IP purchased by Overstock does not include any physical stores. Bed Bath & Beyond is still operating as an online retailer. According to multiple media reports, the remaining Bed Bath & Beyond stores were permanently closed on Sunday.

Just a few days ago, Overstock reported second-quarter earnings showing a 20% year-over-year drop in revenue to $422 million. Overstock CEO Jonathan Johnson acknowledged that there may be a period of financial volatility as the company rebrands.

After the launch of the new website, Bed Bath & Beyond will continue to operate as an asset-light e-commerce platform. At the same time, the platform will continue to offer Bed Bath & Beyond's previously dominant kitchen, bed and bathroom products, and will also provide Overstock's focus on furniture and other home furnishings, such as carpets, lighting and decorations.

For years, Bed Bath & Beyond's main customer loyalty strategy has been to send paper coupons in the company's signature blue color through the mail, and while the paper coupons won't return, the promotions will continue through a new loyalty program and an updated mobile app.

This strategy will no longer continue after the new website was relaunched, but Bed Bath & Beyond said it will provide customers with a number of offers and promotions, including a 25% promotional coupon for new customers, restoration of loyalty points for former Bed Bath & Beyond loyalty members, exclusive coupons, etc.

Overstock’s relaunched Bed Bath & Beyond site in Canada has seen an increase in customer engagement, driven by a new offer strategy, according to Johnson.

Editor✎ Ashley/

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