Overstock.com is changing its name. It’s one you may recognize
NEW YORK (CNN) — Overstock.com, one of the biggest names in e-commerce, is ditching its name for something just as recognizable: Bed Bath & Beyond.
The change comes following a judge’s approval of Overstock’s purchase of the bankrupt brand’s name, domain and loyalty program assets earlier this week for more than $21 million. However, the acquisition doesn’t include the Bed Bath & Beyond brick-and-mortar stores, which are closing.
Calling the acquisition a “significant and transformative step,” Overstock CEO Jonathan Johnson said in a press release that “combining the strengths of the Overstock operational model and the Bed Bath & Beyond brand will create a powerful synergy.”
Shoppers in Canada will see the changes first. Overstock plans to relaunch that country’s website with a new look, then follow weeks later with a new shopping experience using the Bed Bath & Beyond branding for the United States. Overstock’s loyalty program, Club O, is also being changed to Welcome Rewards, the name of Bed Bath & Beyond’s program.
Perhaps using the recognizable name could give Overstock sales a lift, which have sagged in recent quarters mirroring its rivals’ pains, including Wayfair. Both have experienced a slowdown in furniture and home goods sales after a pandemic-induced boom in 2020 and 2021 when many customers, unable to travel or go to the office, spent money redecorating their homes.
Meanwhile, the buybuyBaby chain, a former sister retailer of Bed Bath & Beyond, is being sold off in a separate sales process and is considered the most attractive part of the retailer’s assets. It remains unclear who is buying that portion of the business.