After purchasing a bankrupt Bed Bath and Beyond last month, Overstock – also known as Overstock.Com – has officially relaunched the Bed Bath and Beyond website, rebranding it as a “bigger, better beyond.”
Earlier this year, Bed Bath and Beyond filed for bankruptcy and planned to wind down its in-person operations over the course of the following months. At the time, it was unclear exactly how the future would play out for the company, with the possibility of resurfacing as an online-only retailer still on the table.
When the company first declared bankruptcy, however, it seemed likely that the chain would have to close down entirely unless a buyer emerged in the near future.
Several months later, at the end of June, Overstock – a well-known online retailer known for selling discounted furniture – announced that it had acquired the Bed Bath and Beyond brand, as well as all associated intellectual property, for $21.5 million.
Any of the physical or monetary assets held by Bed Bath and Beyond were excluded from this sale.
“This acquisition is a significant and transformative step for us,” said Jonathan Johnson, Overstock CEO, in the June 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.”
According to the press release, Overstock intended to merge their existing business model with the recognizable branding of Bed Bath and Beyond, creating what Johnson referred to as “a powerful synergy.”
Read Overstock’s Full Press Release
Bed Bath and Beyond was not the only recognizable retailer to declare bankruptcy this year.
Christmas Tree Shops, which was actually purchased from Bed Bath and Beyond in 2020, filed for bankruptcy earlier this year amidst falling revenues, believed to be the result of inflation altering consumers’ spending patterns.
“Consumers aren’t just buying less stuff, they are shopping less, which means a loss of the impulse-shopping moments that are critical to retail growth,” said Marshal Cohen, chief retail industry advisor at NPD Group, told CNBC.
In Maine, the chain’s closure is expected to result in a combined sixty-nine workers being laid off between the store’s Scarborough and Bangor locations.
Although inflation is starting to cool off by some measures, 61% of Americans nonetheless report living paycheck-to-paycheck.
It remains to be seen how Bed Bath and Beyond’s newly revamped online storefront will fare in the coming months amidst these uncertain economic conditions.