Overstock.com Inc. has completed its rebrand with the launch of the “new” Bed Bath & Beyond website — bedbathandbeyond.com — in the U.S. on Tuesday.
“Through this rebranding, we’re breathing new life into Bed Bath & Beyond, positioning it as an asset-light, ecommerce retailer with an expanded home furnishings and furniture assortment,” said Overstock Chief Executive Jonathan Johnson. “Think of it as Bed Bath & a much bigger, better Beyond.”
Overstock’s stock
OSTK,
rose 1.6% to $37.06 on Tuesday, its highest price since May 2022. The stock has soared 54%, since the company announced on June 28 that it acquired bankrupt retailer Bed Bath & Beyond’s website, loyalty-program data and trademarks and patents for $21.5 million.
“Overstock has a great business model with a name that does not reflect its focus on home,” CEO Johnson said. “Bed Bath & Beyond is a much-loved and well-known consumer brand, which had an outdated business model that needed modernizing.”
He said the new site will offer the kitchen, bed and bath products the previous Bed Bath & Beyond site did, but will add a growing assortment of furniture and other home products, including area rugs, lighting and home improvement.
There will also be millions of products available under a “Smart Value” banner.
As part of the launch, the new site will offer a 25% welcome coupon, will reinstate loyalty points, coupons and free membership to the new “Welcome Rewards” program for members of the former Bed Bath & Beyond loyalty program.
Members of Overstock’s former loyalty program, “Club O,” will receive a 20% off coupon and transfer of membership.
“If you liked the Bed Bath & Beyond coupons of the past, you will love our better pricing, special promotions, broader assortment, and the improved customer experience on the website and mobile app,” Johnson said.
Overstock’s rebranding was expected since it acquired the Bed Bath & Beyond brand in June. Johnson had said then that it planned to create a “single online shopping destination,” and said the Overstock name would “begin to sunset” in the months ahead.
Shares of Overstock, which had a market capitalization of $1.68 billion at Tuesday’s close, have soared 85.2% over the past three months while the S&P 500 index
SPX,
has gained 11.1%.
This story originally appeared on Marketwatch
