Overstock, fresh from its acquisition of the Bed Bath Bath Beyond intellectual property, plans to rebrand the Overstock.com website under the Bed Bath & Beyond domain name.
In that event, Overstock and Bed Bath & Beyond customers will have access to online shopping destinations at bedbathandbeyond.ca in Canada and bedbathandbeyond.com in the U.S. On those sites, consumers will be able to shop the range of home furnishings, indoor and outdoor furniture Overstock offers and the kind of kitchen, bedding, and bath products that made Bed Bath & Beyond a major destination for household goods, according to Overstock.
In addition, Overstock is rebranding its Club O loyalty program as Welcome Rewards, which was Bed Bath & Beyond’s equivalent. The newly branded Welcome Rewards program will continue to offer 5% reward dollars on all purchases, as it did in the Bed Bath & Beyond days. which members can redeem in subsequent transactions.
“This acquisition is a significant and transformative step for us,” said Overstock CEO Jonathan Johnson (pictured above). “Bed Bath & Beyond is an iconic consumer brand, well-known in the home retail marketplace. The combination of our winning asset-light business model and the high awareness and loyalty of the Bed Bath & Beyond brand will improve the customer experience and position the company for accelerated market share growth.”
Overstock acquired the Bed Bath & Beyond assets, including website and domain names, trademarks, trade names, patents, customer database, loyalty program data and other brand assets related to the Bed Bath & Beyond banner when the U.S. Bankruptcy Court for the District of New Jersey approved Overstock’s winning bid at a sale hearing on June 27.
The transaction did not include any asset associated with Bed Bath & Beyond’s brick-and-mortar business such as store leases, inventory, warehousing, and logistics infrastructure. The Bed Bath & Beyond-owned buybuy Baby and Harmon banners and their assets were also excluded from the transaction.
Overstock purchased the assets for $21.5 million, funded entirely with cash on hand, it stated. As previously disclosed, Overstock had $374.7 million in cash and cash equivalents at the end of March 31.
