Overstock, which last week paid $21.5 million to acquire the bankrupt retailer’s intellectual property, will start operating its website under the Bed Bath & Beyond name.
Overstock’s mobile app and its rewards program will also be rebranded. Company executives plan to eventually bring back Bed Bath & Beyond’s popular wedding registry.
When the home-goods retailer filed for Chapter 11 bankruptcy in April, Johnson saw an opportunity for his own company. In 2018, when Patrick Byrne, then Overstock’s CEO, wanted to sell the retail business to focus on cryptocurrency technology, Bed Bath & Beyond was a potential buyer, Johnson said. That deal never happened.
“We’ve been watching and watching, and last year when Bed Bath & Beyond fell on some troubles we started thinking, ‘Gee, if it goes bankrupt, we might have the opportunity to purchase what we like without purchasing what gave us pause before,’” Johnson said. Overstock’s sales peaked in 2021, when more people bought furniture during the height of the pandemic. Its active customers have also been declining, and it said in April it had 4.8 million users. Bed Bath & Beyond’s active customer list for its online shoppers is twice as large.
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