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Bed Bath & Beyond Reborn: Overstock.com Acquires Iconic Brand for $21.5 Million, Stock Surges 20%
Bed & Bath & Beyond Brand Sold to Overstock.com for $21.5 Million, Stock Soars 20%
Overstock.com has acquired the intellectual property assets of Bed & Bath & Beyond for $21.5 million, ensuring that the well-known retail brand will live on in the online space. The name change has been celebrated on Wall Street, with Overstock.com shares surging by 20%. However, it's important to note that this deal does not include physical Bed Bath & Beyond stores or the Buybuy Baby chain, both of which are expected to close soon. The transition to the Bed Bath & Beyond brand will begin in Canada next month and will roll out in the US in August. Overstock.com's CEO, Jonathan Johnson, expressed excitement about combining the strengths of the operational model with the recognized Bed Bath & Beyond brand. This acquisition marks a significant development for Bed Bath & Beyond, which filed for bankruptcy protection in April after facing declining sales and ongoing business struggles. Overall, the acquisition presents a new opportunity for Overstock.com to revitalize and expand the iconic Bed Bath & Beyond brand in the online marketplace.The Rise of Bed Bath & Beyond: Overstock.com Secures Mega-Deal for Iconic Brand
In a surprising turn of events, Overstock.com has acquired the intellectual property assets of Bed & Bath & Beyond, for a hefty price tag of $21.5 million. This acquisition ensures that the renowned retail brand will continue to thrive in the online space, despite the struggles faced by its physical stores. The news of this deal has sent shockwaves through Wall Street, reflected in Overstock.com's stock soaring by an impressive 20%.
It is important to note that this acquisition does not include the physical Bed Bath & Beyond stores or the Buybuy Baby chain, both of which are expected to close their doors in the near future. However, it does mark the beginning of a transition for Overstock.com, as they plan to rebrand themselves as Bed Bath & Beyond. The name change will first roll out in Canada next month, followed by a relaunch of the company's website and mobile app as Bed Bath & Beyond in the US by August. Visitors to Overstock.com will be redirected to the new Bed Bath & Beyond online platform.
Jonathan Johnson, the CEO of Overstock.com, expressed his excitement about the merger, stating that combining the operational model of Overstock with the well-recognized Bed Bath & Beyond brand will create a powerful synergy. This acquisition comes at a crucial time for Bed Bath & Beyond, as they had recently filed for bankruptcy protection in the face of declining sales and ongoing challenges in the retail industry.
Bed Bath & Beyond has long been known as one of the original big box retailers, offering an extensive range of products from sheets and towels to kitchen gadgets. The struggles faced by the company in recent years have been evident, with numerous attempts made to turn the business around. The acquisition by Overstock.com presents a new opportunity for the iconic Bed Bath & Beyond brand to rejuvenate and expand its presence in the online marketplace.
Overall, this acquisition signifies a significant development in both the retail and online sectors. Overstock.com's bold move to acquire the well-established Bed Bath & Beyond brand opens doors to new possibilities and a potential reinvigoration of the struggling retail giant. It remains to be seen how this acquisition will pan out, but it undoubtedly marks a notable and exciting chapter for both companies involved.
Summing it up
In conclusion, the acquisition of Bed & Bath & Beyond's intellectual property assets by Overstock.com for $21.5 million has generated excitement and optimism in the retail and online sectors. The move ensures that the well-known Bed Bath & Beyond brand will continue to thrive in the online space, even as the physical stores face closure. This development has been met with enthusiasm on Wall Street, evident in the 20% surge in Overstock.com's stock. While this acquisition does not include the physical stores or the Buybuy Baby chain, it marks a significant transition for Overstock.com as they plan to rebrand themselves as Bed Bath & Beyond. The name change will be rolled out in Canada next month and in the US in August, with the company's website and mobile app being relaunched under the new brand. The CEO of Overstock.com, Jonathan Johnson, expressed excitement about the merger and the synergy between the operational model of Overstock and the recognized Bed Bath & Beyond brand. For Bed Bath & Beyond, this acquisition comes at a crucial time as they recently filed for bankruptcy protection due to declining sales and ongoing struggles in the retail industry. With Overstock.com's support and expertise, Bed Bath & Beyond has the opportunity to revitalize and expand its presence in the online marketplace. Overall, this acquisition paves the way for new possibilities andOriginally Published at: https://fortune.com/2023/06/29/bed-bath-beyond-brand-overstock-bankruptcy-auction-ip/ Business Topic: Business