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Bed Bath & Beyond Lives On!(Line). Overstock.COm Buys Rights To Bankrupt Retailer And Changes Name

FILE - Overstock.com's name is spread across its warehouse and distribution center Friday, March 31, 2006, in Salt Lake City. Overstock.com  is dumping its name online and becoming Bed Bath & Beyond. The news, announced Wednesday, June 28, 2023, comes as a federal bankruptcy court approved the online retailer’s bid to buy the bankrupt retailer’s intellectual property assets for $21.5 million. (AP Photo/Douglas C. Pizac, File)

Douglas C. Pizac, ASSOCIATED PRESS

FILE – Overstock.com’s name is spread across its warehouse and distribution center Friday, March 31, 2006, in Salt Lake City. Overstock.com  is dumping its name online and becoming Bed Bath & Beyond. The news, announced Wednesday, June 28, 2023, comes as a federal bankruptcy court approved the online retailer’s bid to buy the bankrupt retailer’s intellectual property assets for $21.5 million. (AP Photo/Douglas C. Pizac, File)

NEW YORK (AP) — Bed & Bath & Beyond will live on, online at least, after Overstock.com acquired the bankrupt retail chain’s intellectual property assets for $21.5 million.

The online retailer Overstock.com is dumping its name online and will become Bed & Bath & Beyond, which declared bankruptcy earlier this year.

The switcheroo to a very recognizable brand was cheered on Wall Street. Shares of Overstock.com Inc., based in Midvale, Utah, soared 20%.

The deal doesn’t include Bed Bath & Beyond stores, the last of which are expected to be shuttered Friday, nor the Buybuy Baby chain.

The name change will roll out in Canada next month and in August, a relaunch of the company’s website and mobile app as Bed Bath & Beyond will appear in the U.S. Those visiting ovestock.com will be redirected to bedbathandbeyond.com.

“Combining the strengths of the Overstock operational model and the Bed Bath & Beyond brand will create a powerful synergy,” Overstock.com’s CEO Jonathan Johnson said in a prepared statement. “I’m excited for consumers to experience the new Bed Bath and an even bigger and better Beyond.”

Bed Bath & Beyond – one of the original big box retailers known for its seemingly endless offerings of sheets, towels and kitchen gadgets – filed for bankruptcy protection in April. The filing followed years of dismal sales and numerous attempts to turn the flailing business around.

Copyright 2021 Associated Press. All rights reserved.

Source: https://hosted.ap.org/article/4cd85046671476d946b936c8e8538623/bed-bath-beyond-lives-online-overstockcom-buys-rights

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