Overstock said it would begin operating under the domain of Bedbathandbeyond.com, which provides greater brand awareness and recognition.
Shares of Overstock.com (NASDAQ:OSTK) soared 20% on Thursday, June 29, and closed the day at $30.57. It happened the day Overstock announced it planned to change the name of its website to Bed, Bath & Beyond.
Overstock.com paid a total of $21.5 million to use the brand Bed, Bath & Beyond after it filed for bankruptcy in April. The e-commerce retailer announced that it would stop using its official website and instead operate under the domain of Bedbathandbeyond.com.
The news comes after a federal bankruptcy court approved Overstock’s demand to take possession of Bed Bath & Beyond’s intellectual property assets. Note that this deal does not include BB&B’s physical stores, which will be closing soon.
Overstock CEO Jonathan Johnson stated that the company’s current product offering no longer aligns with its previous liquidation-focused model, and as a result, the name “Overstock” no longer accurately represents the nature of the business. Speaking to CNBC’s The Exchange, he couple,
“We started as a liquidator more than 20 years ago and have become a general trader. We are now a home decor and furniture company [were] There was a lot of confusion with the Overstock name, confusion with customers who were confused about who we were and what we were selling, confusion with suppliers who didn’t necessarily want to sell if it was linked to a liquidation.
BB&B has strong brand awareness and recall
Johnson believes that despite the collapse and eventual bankruptcy this year, Bed Bath & Beyond provides a strong brand awareness in the marketplace. He added that both Overstock and BB&B have overlapping customers that will help ease the transition.
Johnson continued:
“We will make this transition gradually, where Overstock customers come to the new website and recognize it, but so will Bed Bath & Beyond customers. And then over time, we’ll eliminate that sense of overstock.
During a recent call with analysts, Johnson assured shoppers that Bed Bath & Beyond’s well-known coupons will remain available for at least a transitional period. However, he also pointed out that the company intends to reduce the frequency and depth of discounts in the long run.
“One thing Bed Bath & Beyond customers will realize is that our non-coupon pricing is really good. And I think people will be very surprised with the deals that Overstock and now Bed Bath & Beyond have been able to offer and have offered,” he said.
The relaunch of the Bed, Bath & Beyond website will happen in Canada by next week. Later in the coming weeks, a website, mobile app and loyalty program will launch in the US.
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