Bed Bath & Beyond Back from the Retail Grave
Bed Bath & Beyond, the once-struggling retail giant, has miraculously risen from the ashes. Or at least, that’s how it seems. On Tuesday (Aug. 1), Overstock, another player in the retail market, officially undertook a dramatic transformation, adopting the name of none other than the fallen Bed Bath & Beyond.
The plot twist in this retail saga came about when Overstock acquired the intellectual property of the bankrupt company in June. Merely a couple of months after Bed Bath & Beyond filed for Chapter 11 bankruptcy. The price tag on this bold move was $21.5 million, indicating just how valuable the brand name and assets of the defunct retailer were. Now, customers looking for either Bed Bath & Beyond or Overstock online will be redirected to a common landing page, where both logos will share the spotlight.
“An outdated business model that needed modernizing.”
“This is a historic day for Bed Bath & Beyond and Overstock — and for the broader ecommerce industry,” Bed Bath & Beyond CEO Jonathan Johnson said. “Overstock has a great business model with a name that does not reflect its focus on home. Bed Bath & Beyond is a much-loved and well-known consumer brand, which had an outdated business model that needed modernizing.”
Overstock, known for its furniture selection, has expanded its product offerings, stepping into the realms of bed and bath categories under the “beyond” umbrella. While traditionally known for furniture, the company has taken strategic steps to cater to a wider audience. This includes loyal Overstock customers.
According to Johnson, the expansion into bed and bath categories has led to the introduction of exciting new products. Customers will now discover an array of small appliances, like toasters and stand mixers, that complement their lifestyle needs. Additionally, a diverse range of bedding options have been curated to elevate the comfort and aesthetics of customers’ living spaces.
Some changes to come with the brand
Some products that were once readily available in Bed Bath & Beyond’s brick-and-mortar stores will not be found on the Overstock website. With the closure of all Bed Bath & Beyond physical stores and Overstock’s online-only presence, Johnson explained that certain low-cost items might no longer be feasible to ship individually. Items like Tide Pods, K-Cups, and single $3 spatula orders are among those being phased out. Instead, the focus will be on providing customers with cost-effective options which ensure efficient shipping and delivery.
If you’re an Overstock cardholder, rest assured that your card will continue to function seamlessly. It will work as it always has on the Bed Bath & Beyond app. Although Bed Bath & Beyond’s beloved 20% off coupon may be a thing of the past, fear not, as Overstock is still dishing out promotions to its customers. However, gone are the days of receiving coupons through the mail. Johnson emphasized that Overstock’s focus lies in providing consistently lower prices compared to what Bed Bath & Beyond previously offered.
A retail celebration with Overstock and Bed Bath & Beyond
To celebrate the grand rebranding, the company is offering some attractive incentives. Those who sign up for the loyalty program will be treated to a 20% off coupon for a single item of their choice. And by downloading the new app you’ll receive a discount of 25% off on selected purchases.