Overstock.com is now operating as Bed Bath & Beyond in the U.S. following a successful rebrand in Canada, the chief executive officer told Bloomberg TV.
“The experience we’ve had in Canada [was] very positive and made us want to hurry and start today’s rebrand in the U.S.,” Bed Bath & Beyond CEO Jonathan Johnson said in an interview on Bloomberg TV. He said the rebranded website in Canada has had more customer traffic, a greater return on advertising spending and a greater portion of shoppers who browsed and then bought items.
As of Aug. 1, U.S. shoppers who go to Overstock.com are automatically redirected to a revamped Bed Bath & Beyond site.
Overstock automatically redirects users to a revamped Bed Bath & Beyond site.
The launch comes days after Overstock.com reported revenue was down 20% year over year to $422 million for the quarter ended June 30, 2023.
Overstock.com ranks No. 50 in the Top 1000. The database is Digital Commerce 360’s ranking of the largest North American online retailers. Bed Bath & Beyond ranked No. 47 prior to its bankruptcy.
Overstock’s recent acquisition of Bed Bath & Beyond
In June, Overstock paid $21.5 million for some of the bankrupt retailer’s assets and intellectual property. The deal didn’t include Bed Bath & Beyond’s network of stores or its Buybuy Baby brand.
Johnson said suppliers were signing up to work with the revived Bed Bath & Beyond.
“We’ll just be Bed Bath and a much bigger and better Beyond,” he said.
Analysts say the June deal makes strategic sense, in theory, because Bed Bath & Beyond had more customers and better name recognition than Overstock.
Overstock seeks to boost sluggish revenue due to a struggling homewares category and falling market share. Analysts say they’re waiting to see how successful Overstock will be at retaining customers and bringing on new ones.
“The heavy lifting is still ahead in marketing and re-training consumers to engage with a new website/app during a difficult time for the home market,” Raymond James analyst Rick Patel wrote in a July 27 research note after Overstock’s quarterly earnings.
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