Bed Bath & Beyond bankruptcy: Brand reborn as web retailer
INDIANAPOLIS (WISH) – While customers are still cleared to trash any stockpiled 20% off coupons, the well-known home brand Bed Bath & Beyond experienced a rebirth Tuesday.
Just over three months from declaring bankruptcy, the iconic retailer relaunched for online sales under its new owner, Overstock.com.
Included in the introduction of the new website and mobile app were promotions of sitewide deals, other perks, and incentives.
Customers could expect to browse the kitchen, bed, and bath-related products they were previously familiar with in addition to expanded options in furniture, area rugs, lighting and home improvement, according to the new owner.
A release detailing the website’s launch called it a transformation for both Overstock and Bed Bath & Beyond. The companies have merged into a single online shopping destination. The Overstock brand “will sunset over time,” as stated in the announcement.
The CEO of the new Bed Bath & Beyond has described rebranding for e-commerce as a way of breathing new life into the name that was first founded in 1971.
“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 Bed Bath & Beyond is a much-loved and well-known consumer brand, which had an outdated business model that needed modernizing,” Jonathan Johnson said.
The company leader also boasted strong customer engagement amid its Canadian base. A new website previously launched in Canada at the end of June.
Store closing sales began at remaining brick-and-mortar locations in April as the company gradually ended operations for Bed Bath & Beyond and buybuy BABY locations. The move to file for Chapter 11 bankruptcy protection came following years of struggling sales.
A call to a longtime location on Greyhound Pass in Carmel is greeted with a message stating, “We have made the difficult decision to begin winding down our operations.”
All remaining physical stores were set to officially close this weekend.