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Bed Bath & Beyond, the embattled home goods retailer, has shuttered all of its brick-and-mortar stores in the wake of bankruptcy and sold its intellectual property and digital assets to Overstock.com for $21.5 million. The online retailer plans to rejuvenate the brand digitally, relaunching its website under the iconic name.
A court in the U.S. recently approved the acquisition deal, making Overstock.com the new owner of the Bed Bath & Beyond name. Now, following the approval, the online seller decided to rename its website, which will be relaunched as Bed Bath & Beyond.
Overstock.com will also use this new name for its mobile app since it now owns the IP for Bed Bath & Beyond and is free to use the name in any way it chooses. Then again, this will only be in digital form as the Utah-headquartered company has no plans of opening physical stores as of now. BBB’s IP was purchased by Overstock.com for $21.5 million last week.
As per The New York Times, the name change will roll out in Canada first in early July. The following month, once all of the Bed Bath & Beyond stores in the U.S. officially shut, customers of Overstock.com in the country will be redirected to the new bedbathandbeyond.com website.
Meanwhile, the acquisition deal not only gave Overstock the rights to the name but also gained a treasure chest of valuable customer data. It now has information on what Bed Bath & Beyond shoppers bought online and how frequently they dropped by the online retail platform.
“This acquisition is a significant and transformative step for us,” Jonathan Johnson, the chief executive officer of Overstock, said in a press release. “Bed Bath & Beyond is an iconic consumer brand, well-known in the home retail marketplace. 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.”
Photo by: Mike Kalasnik/Flickr (CC BY-SA 2.0)
