The reintroduction of Bed Bath & Beyond has reached a new dimension with its parent company, Beyond, Inc., set to adopt the name of the retail operation as its corporate moniker.
The shift will go beyond the new corporate name to include a move to the ticker symbol BBBY on the New York Stock Exchange. BBBY was Bed Bath & Beyond’s ticker symbol prior to its bankruptcy. The change is set to take effect on August 29.
Overstock purchased Bed Bath & Beyond’s IP out of bankruptcy, then named the combined company, which now also includes BuyBuy Baby, Beyond. The company also owns a blockchain portfolio and purchased and then sold Zulily, maintaining a piece of the business.
Announcement of the name change comes shortly after Beyond revealed that Bed Bath & Beyond will get its first physical store since its brick-and-mortar locations shuttered in the corporate bankruptcy under the company’s previous public ownership. Bed Bath & Beyond has operated strictly online since the banner’s emergence from bankruptcy, but now will conduct a rollout of physical stores as part of an alliance with Kirkland’s.
Beyond also holds a significant stake in Kirkland’s, to be renamed The Brand House Collective. The first new Bed Bath & Beyond physical store is slated for Nashville, TN, in the conversion of a Kirkland’s location. During the next 24 months, Kirkland’s and what’s becoming Bed Bath & Beyond plan to convert additional Kirkland’s locations into small- to midsize-format Bed Bath & Beyond and buybuy BABY stores.
The renewed Bed Bath & Beyond brand will combine online operations with localized, capital-efficient stores offering curated assortments in small to midsize locations, providing an improved customer experience with great products available at the right time, place and price points by leveraging modern technology and transaction trends with enterprise consumer data, Beyond maintained.
Beyond, Inc. will continue to trade with ticker symbol BYON until the close of market on August 28.
“Our name change is highlighting one of the most valuable pieces of intellectual property that investors and consumers know today and does not change our intense focus on growing revenue, achieving profitability in the near term, and monetizing valuable blockchain assets,” said Marcus Lemonis, executive chairman and principal executive officer. “We remain laser focused on growing the Bed Bath & Beyond brand, building overstock.com back to a billion-dollar nameplate and unlocking value within our blockchain assets, particularly tZERO and GrainChain. Accelerating growth and profitability for the Bed Bath & Beyond brand requires capital allocation discipline, increased use of data science, improvements in our asset-light bedbathandbeyond.com platform, and the return of some of America’s most trusted consumer brands to its omnichannel offering.”
