Overstock.com Acquires Bed Bath & Beyond

Overstock.com is making a big move in the retail industry by acquiring the bankrupt retailer Bed Bath & Beyond. In an effort to boost sales, Overstock will be rebranding itself and operating under the Bed Bath & Beyond name online.

Overstock has completed its $21.5 million acquisition of Bed Bath’s intellectual property and digital assets, and plans to relaunch the Bed Bath & Beyond website in Canada within the next week. Following that, Overstock will roll out a new website, mobile app, and loyalty program in the U.S. in the coming weeks.

The CEO of Overstock, Jonathan Johnson, believes that the well-known brand name of Bed Bath & Beyond will improve the customer experience and help the company gain additional market share. Despite declining sales, Overstock’s stock has been performing well, with a 32% increase this year.

In the first quarter of this year, Overstock reported a 29% drop in revenue, totaling $381 million. However, these results exceeded some estimates. It’s important to note that Overstock will not be acquiring any brick-and-mortar Bed Bath stores as part of this deal.

Bed Bath & Beyond has been holding auctions to sell off its assets, including store leases and assets from its Buy Buy Baby banner. While there has been interest in acquiring Buy Buy Baby’s stores, it remains uncertain if any will be successfully purchased and kept open.