A customer enters a Bed Bath & Beyond store on April 24, 2023 in Miami, Florida. Bed Bath & Beyond announced that it filed for Chapter 11 bankruptcy protection and plans to wind down its business and sell off assets while hoping to find a buyer. (Photo by Joe Raedle/Getty Images)
OAN’s Noah Herring
11:48 AM – Monday, August 1, 2023
Bed Bath & Beyond has been revived two days after Overstock.com relaunched its website as BedBathandBeyond.com.
The move, which took place on Tuesday, merged Overstock’s online business model with the popular branded products cherished by Bed Bath & Beyond’s customers.
Overstock CEO Jonathan Johnson indicated that the goal is to combine Overstock’s business model with Bed Bath’s brand name “to create a business that can soar.”
When Johnson was asked why he made the move to adopt Bed Bath & Beyond, he replied, “People view Overstock as liquidation, which is what we were 25 years ago when we started, but that’s not what we’ve been for the past two decades.”
“We’ve looked at Bed Bath and Beyond jealously for several years,” Johnson said. “We really liked their name, and it was an iconic brand people loved.”
Customers visiting the new website will be able to get up to $50 of loyalty reward points reinstated from their former Bed Bath & Beyond customer accounts, along with a number of other perks like 20% off products and a transfer of membership with all current rewards from Club O, Overstock’s former loyalty program, to a new Welcome Rewards loyalty program.
The relaunch of the company was teased in June when Overstock had announced that it purchased Bed Bath & Beyond’s intellectual property and digital assets out of bankruptcy for $21.5 million.
Bed Bath & Beyond filed for a Chapter 11 protection in April after many failed attempts to revive its home goods business. The last brick-and-mortar stores were set to close officially this weekend.
Johnson is confident that his strategy to rebrand will pay off.
“Our view is bad management can kill companies, but it doesn’t kill brands,” he said. “The Bed Bath brand is still strongly associated with home, and still much loved.”
Johnson also indicated that physical stores are not in the current plan, but are not 100% ruled out.
“Never say never,” said Johnson. “We’re focused on this transition now and we like our asset-light business model…. But never say never. We’ll look, we may test, but right now, it’s not in the current strategic plan.”
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