In a surprising turn of events, online retailer Overstock.com has acquired the intellectual property assets of bankrupt retail chain Bed & Bath & Beyond for $21.5 million. As part of the deal, Overstock.com will be rebranding itself as Bed & Bath & Beyond, a move that has been met with enthusiasm on Wall Street, with shares of the company soaring by 20%.
It's important to note that the acquisition does not include Bed Bath & Beyond stores or the Buybuy Baby chain, both of which will continue to operate separately. The name change will first be implemented in Canada next month, followed by a relaunch of the company's website and mobile app in the United States in August. Visitors to Overstock.com will be redirected to the new Bed Bath & Beyond website.
Overstock.com's CEO, Jonathan Johnson, expressed his excitement about the acquisition, stating that combining the strengths of Overstock's operational model with the well-known Bed Bath & Beyond brand will create a powerful synergy. He believes that consumers will have a positive experience with the new Bed Bath & Beyond and that the company will be even bigger and better than before.
Bed Bath & Beyond, once a prominent big box retailer known for its wide range of household products, filed for bankruptcy protection in April. The filing came after years of struggling sales and unsuccessful attempts to revive the business.
This unexpected acquisition and rebranding by Overstock.com could potentially breathe new life into Bed Bath & Beyond. By leveraging the recognizable brand name and Overstock.com's operational expertise, the company may be able to regain its footing in the retail market.
It's worth noting that this news has generated interest and discussion among consumers and industry experts alike. While some see it as a positive development, others remain skeptical about the long-term prospects of the company. Only time will tell if this bold move will pay off for Overstock.com and the newly rebranded Bed Bath & Beyond.