The company hopes the brand name will help to lift sagging sales.
The e-commerce home goods retailer will no longer go by its eponymous name online and will instead move under the Bed Bath & Beyond domain name in the coming weeks after acquiring theIt will relaunch the Bed Bath & Beyond website in Canada within the next week, followed by a rollout of a website, mobile app and loyalty program in the U.S."weeks later."of Bed Bath's intellectual property and digital assets. Sign up for NBC LA newsletters.
"Bed Bath & Beyond is an iconic consumer brand, well-known in the home retail marketplace," Overstock CEO Jonathan Johnson said in a statement."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."
Despite declining sales, Overstock's stock has surged nearly 32% this year. Overstock shares jumped nearly 5% in extended trading Wednesday and also popped when it was first revealed that it successfully won the auction for Bed Bath's assets. In its first-quarter results in April, Overstock reported $381 million in revenue, a 29% drop from the prior-year period. The e-commerce retailer posted a net loss of $10 million. Still, the retailer's results came in ahead of some estimates, according to Street Account.
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