Bed Bath & Beyond relaunches online following bankruptcy
Bed Bath & Beyond has risen from the grave.
The bankrupt home goods retailer was relaunched as an online store on Tuesday, a month after it was purchased by furniture outlet Overstock.com. The latter has rebranded its own website to BedBathandBeyond.com, and has begun offering a number of customer perks that can be linked to previous Bed Bath & Beyond loyalty accounts.
The relaunch was "a historic day for Bed Bath & Beyond and Overstock – and for the broader e-commerce industry," Jonathan Johnson, CEO of the new Bed Bath & Beyond, said in a press release. Johnson described Bed Bath & Beyond as "a much-loved and well-known consumer brand, which had an outdated business model that needed modernizing," and said the relaunch was "breathing new life into Bed Bath & Beyond, positioning it as an asset-light, e-commerce retailer with an expanded home furnishings and furniture assortment."
Johnson reiterated that the Bed Bath & Beyond branding was a key aspect of their purchase, telling NBC News, "We've looked at Bed Bath & Beyond jealously for several years. We really liked their name, and it was an iconic brand people loved."
One of the United States' most iconic retailers for decades, Bath Bath & Beyond filed for bankruptcy in April 2023, after years of declining revenues and store closures. Any remaining brick-and-mortar stores were slated to close this coming weekend, NBC reported.
The company began looking for buyers following the bankruptcy, and soon found Overstock.com. The retailer purchased Bed Bath & Beyond's assets this past June for $21.5 billion and began working on the rebrand. Overstock itself "saw quarterly net revenues decline 20% year-on-year last quarter to $422 million," NBC reported, and "had a net quarterly loss of $73 million in the same three-month period" while also seeing a shrinking customer base.
