Overstock.com is finally shedding its liquidator image.
The home and furniture e-tailer is reinventing itself under the Bed Bath & Beyond banner and tagging the transformative merger on its new website as the “bigger, better beyond.”
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Overstock’s inferiority complex pushed it to acquire the Bed Bath & Beyond intellectual property assets out of bankruptcy for $21.5 million. The e-tailer launched in 1999 selling excess or closeout inventory across multiple categories with a focus on home, apparel, shoes, lighting, handbags and luggage. The company went public in May 2002. Jonathan Johnson took over as CEO in 2019. He pivoted the business model in 2021 to focus on home goods and furniture.
“Overstock has a great business model with a name that does not reflect its focus on home. Bed Bath & Beyond is a much-loved and well-known consumer brand, which had an outdated business model that needed modernizing,” Johnson said. “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. Think of it as Bed Bath & a much bigger, better Beyond.”
The shift to the Bed Bath & Beyond also allows the former Overstock site to expand its focus on other popular home goods, such as kitchen items and small appliances.
The revitalized company is offering a limited-time 25 percent discount for consumers who shop or download the mobile app. The company is also reinstating loyalty points, exclusive coupons and free membership to the Welcome Rewards program for active members of the former Bed Bath & Beyond loyalty program. It’s also giving a 20 percent off coupon to members of Club O, Overstock’s former loyalty program, and transferring their membership and rewards.
Johnson also said the company has seen strong customer engagement at Bed Bath & Beyond Canada, which launched on June 29.