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.
Thanks for reading CBS NEWS.
Create your free account or log in
for more features.