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Bed Bath & Beyond is making a comeback.
The familiar blue-and-white website was officially relaunched Tuesday.
After the home-goods retailer filed for bankruptcy in April and closed down its physical stores nationwide, online retailer Overstock purchased its brand name, website and related intellectual property in a $21.5 million deal.
The “new” Bed Bath & Beyond will have an online presence but no physical stores, according to a spokesperson for Overstock.com
OSTK,
Overstock Chief Executive Jonathan Johnson will aim to capitalize on Bed Bath & Beyond’s strong brand, but bring Overstock’s own online-retail experience to the table.
“Through this rebranding, we’re breathing new life into Bed Bath & Beyond, positioning it as an asset-light, e-commerce retailer with an expanded home-furnishings and furniture assortment,” Johnson said this week. “Think of it as Bed Bath & a much bigger, better Beyond.”
“Overstock has a great business model with a name that does not reflect its focus on home,” Johnson added. “Bed Bath & Beyond is a much-loved and well-known consumer brand, which had an outdated business model that needed modernizing.”
Are you — or were you — a fan of Bed Bath & Beyond? Here’s what you need to know about the relaunch:
What will happen to Overstock.com?
Overstock.com has rebranded itself as Bed, Bath & Beyond. The online retailer will soon retire the name “Overstock.” It launched the website “BedBathandBeyond.com” in the U.S. and “BedBathandBeyond.ca” in Canada, which replaces Overstock.com.
Before the rebranding, Overstock.com had been experiencing customer erosion, retail analysts said. “In some ways, this has always been an issue for Overstock,” Neil Saunders, managing director of data analysis at consulting company GlobalData, said in a statement.
Overstock, he said, “isn’t the most visible home retailer out there and is often overlooked by shoppers thinking about making homeware purchases.” Consumers were not clear about what Overstock sells, partly due to the lack of specificity in its name, he added.
What will the new Bed Bath & Beyond sell?
The all-new Bed Bath & Beyond’s goods will closely resemble the kind of items it sold in the past — kitchen, bed and bath-related items, but Overstock said it will also add more home area rugs, home-improvement products and lighting.
Bath Bed & Beyond’s private-label brands were also part of Overstock’s acquisition, and the retailer “will likely utilize those brands in the future, but exact plans haven’t been determined,” an Overstock.com spokesperson said.
Bath Bed & Beyond’s private brands include bedding-and-linen brand Nestwell; a furniture and decor brand tailored to kids, Marmalade; and Studio 3B, a brand for contemporary furniture and modern-home accents.
If I am a former loyalty member of Bed Bath & Beyond, will I be able to use my points and rewards at the new store?
When Bed Bath & Beyond filed for bankruptcy last year, it also announced the end of its beloved 20%-off coupons and loyalty programs. But Overstock said this week that it will give former Welcome Rewards members up to $50 in points in an updated program — Welcome Rewards by Club O, the new version of Overstock’s former loyalty program.
Former Club O members from Overstock.com are automatically enrolled with their existing points and accounts, the company’s representative said. But former Bed Bath & Beyond Welcome Rewards members will need to activate their new accounts in order to claim the rewards.
“We recognize that when the old program ended, many loyalty customers lost rewards and points. Members who were active in the program over the past year should look out for an email inviting them to learn more over the next several weeks,” an Overstock.com spokesman said.
Will Overstock change its ticker symbol to the old BBBY?
Overstock.com Inc will not change its ticker symbol at this time, the company said. It will continue to trade under OSTK. Shares of the now-bankrupt Bed Bath & Beyond Inc.
BBBYQ,
now trade in the over-the-counter market — where securities are not traded on major exchanges — and continue to attract the attention of retail investors.
