August 01, 2023: In a significant move, Bed Bath & Beyond has returned as an online retailer after being acquired by Overstock.com. The relaunch aims to blend Bed Bath & Beyond’s renowned brand name with Overstock’s booming online business model to create a thriving venture.
The transformation comes after Bed Bath & Beyond faced bankruptcy earlier this year. Overstock’s CEO, Jonathan Johnson, believes combining the two companies can build a robust business that appeals to customers. As part of the relaunch, former Bed Bath & Beyond customers can expect up to $50 in loyalty reward points reinstated in their accounts, along with other exciting perks such as 20% off and the transfer of membership from Overstock’s former loyalty program to a new one called “Welcome Rewards.”
Overstock’s decision to adopt the Bed Bath & Beyond name stems from its desire to shed the perception of being solely a liquidation company. Johnson admired Bed Bath & Beyond’s iconic brand, stating that it was well-loved by the public. This admiration eventually led Overstock to acquire Bed Bath & Beyond’s intellectual property and digital assets during a bankruptcy auction for $21.5 million.
With the physical Bed Bath & Beyond stores closing down, the company’s future success heavily relies on its online presence. To stand out from competitors, the newly rebranded website may offer attractive deals and discounts. However, the company is confident its strategy will keep the brand alive and continue to be associated with home goods.
Overstock’s quarterly net revenues declined due to reduced customer demand after the Covid-19 pandemic peak. Nevertheless, the company believes that the shift to Bed Bath & Beyond will revitalize its business and attract both loyal customers and new suppliers.
The online Bed Bath & Beyond has already been launched in Canada and has received a positive response. The U.S. website is set to go live in August, offering a better customer experience focusing on home goods and furniture. Johnson believes the new name will resonate with customers, reflecting the company’s current direction and commitment to providing quality products at a brilliant value.
Overall, the transformation of Bed Bath & Beyond into an online retailer under Overstock’s rebranding brings exciting opportunities for both companies. By leveraging Bed Bath & Beyond’s firm brand name and Overstock’s successful online platform, the company aims to soar in the competitive online retail space.
Check Out the New Website: Visit the recently launched Bed Bath & Beyond website to explore the exciting offers and deals.