Overstock.com, which a month ago revealed it had acquired the Bed Bath & Beyond moniker out of bankruptcy, has changed its name and rebranded its website and mobile app.
On Tuesday, the Overstock website reopened as BedBathandBeyond.com, combining the online business model and goods categories of Overstock with the well-known brands that are so popular with Bed Bath & Beyond customers.
“All of Overstock’s categories will transition over and new products will also come in,” Overstock CEO Jonathan Johnson told in a report.
A “Welcome to a bigger, better beyond” message greeted visitors to the revamped website, which also included discounts of 15%–20% on home furnishings such beds, couches, and tables.
As Johnson put it, “since this deal was announced, we have added over 600,000 new products to the site,” and many of these new products “are the name-brand products that people have always bought and expected to buy at the old Bed Bath & Beyond.”
In June, Overstock (OSTK), an online retailer that specializes in selling furniture, home furnishings, bath, lighting, carpets, and more at steep discounts, paid $21.5 million to buy Bed Bath & Beyond’s name, intellectual property, and digital assets.
Brought back to life
Johnson assured Bed Bath & Beyond’s online clientele that the current iteration of the company will feature both familiar and novel elements.
As for what more will be available, “it will have the same great bed, bath, and kitchen items, but it will also have a much bigger beyond,” he promised. A greater selection of bedding, kitchenware, and appliances are within the “beyond” category.
There will be some dissatisfaction among Bed Bath & Beyond customers who were hoping for the return of the 20% off one item “Big Blue” promotion.
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“I guess what I would say about the coupon is that if you like Bed Bath & Beyond coupons in the past, you will like the new Bed Bath & Beyond mobile app we will be rolling out with launch in US,” said Johnson.
He stated customers can save 25% just for installing the app and using it to make a purchase, among other discounts, through the new app’s unique deals and promotions. Members of the old Overstock.com reward program will have their memberships migrated to the new program and receive a 20% discount code.
In addition, active users of the former Bed Bath & Beyond loyalty program can have up to $50 in unused loyalty rewards points reinstated on BedBathandBeyond.com. Because of the bankruptcy, “those rewards points were no longer available,” he claimed.
People expected and honestly demanded a 20% coupon from Bed Bath & Beyond, but we’ll still be offering discounts,” Johnson said.
However, brick-and-mortar retailers are unlikely to make a comeback any time soon.
“Never say never,” Johnson emphasized. We’re concentrating on this change at the moment, and our asset-light business model suits us well. You should never rule out the possibility of something. We’ll investigate, and we might even put it to the test, but it’s not on our radar right now.
Bed Bath & Beyond declared bankruptcy in April and stated it would close all 360 of its shops.
Overstock is considering a new ticker symbol as one potential adjustment.
Overstock, which is both the company’s name and its stock ticker, may no longer be appropriate. The next step is being deliberated. Having the “BBBY” ticker of a meme stock that went bankrupt isn’t something we necessarily want. We’ll settle on the perfect moniker eventually.
The revival of Bed Bath & Beyond follows closely on the heels of that of another storied retailer.
While its parent company, Toys R Us, went out of business in 2018, Babies R Us launched its first flagship store in the United States at New Jersey’s American Dream Mall last month.
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