Business

Overstock.com to relabel site Bed Bath & Beyond

A United Parcel Service employee loads orders onto a truck in the shipping location at the Overstock.com warehouse in Salt Lake City, Utah.

Ken James | Bloomberg | Getty Images

Overstock.com is going all in on stopped working seller Bed Bath & Beyond.

The e-commerce house products seller will no longer pass its eponymous name online and will rather move under the Bed Bath & Beyond domain in the coming weeks after getting the insolvent competitor’s copyright, Overstock revealed Wednesday.

It will relaunch the Bed Bath & Beyond site in Canada within the next week, followed by a rollout of a site, mobile app and commitment program in the U.S. “weeks later.”

Overstock revealed the relocations as it finished its $21.5 million acquisition of Bed Bath’s copyright and digital properties. The business hopes the trademark name will assist to raise drooping sales.

“Bed Bath & Beyond is an iconic consumer brand, well-known in the home retail marketplace,” Overstock CEO Jonathan Johnson stated in a declaration. “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.”

Despite decreasing sales, Overstock’s stock has actually risen almost 32% this year. Overstock shares leapt almost 5% in prolonged trading Wednesday and likewise popped when it was very first exposed that it effectively won the auction for Bed Bath’s properties.

In its first-quarter lead to April, Overstock reported $381 million in profits, a 29% drop from the prior-year duration. The e-commerce seller published a bottom line of $10 million. Still, the seller’s outcomes was available in ahead of some price quotes, according to Street Account.

Overstock will not obtain any brick-and-mortar Bed Bath shops as part of the offer. The stopped working house products seller has actually been hosting a series of auctions for its myriad properties, including its shop leases and properties from its Buy Buy Baby banner.

A variety of bidders have actually revealed interest in Buy Buy Baby’s shops however it stays uncertain if any will be purchased and kept open.

Blake

News and digital media editor, writer, and communications specialist. Passionate about social justice, equity, and wellness. Covering the news, viewing it differently.

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