Overstock.com has acquired the intellectual property assets of bankrupt retail chain Bed Bath & Beyond for $21.5 million. The acquisition comes as a result of Bed Bath & Beyond’s bankruptcy filing in April, following years of poor sales and failed turnaround attempts. Overstock.com will change its name to Bed & Bath & Beyond and rebrand its website and mobile app accordingly. The switch to a recognizable brand has been well-received on Wall Street, with Overstock.com’s shares surging nearly 20% following the announcement.
“I can’t count how many times we were asked when we were going to change the company name,” [Overstock.com’s CEO] said. “This opportunity is too good to be true. We are Bed Bath and a bigger beyond.”
The rebranding will take place in the coming months, with a focus on redirecting visitors from overstock.com to bedbathandbeyond.com. Overstock.com plans to leverage its existing customer base and improve marketing efforts to accommodate Bed Bath & Beyond’s loyal customers.
Source: Bed Bath & Beyond lives on!(line). Overstock.com buys rights to bankrupt retailer and changes name