OSTK - Bed Bath & Beyond relaunches under new ownership

2023-08-01 14:24:34 ET

Overstock.com ( NASDAQ: OSTK ) announced on Tuesday the launch of the new version of the Bed Bath & Beyond business.

Utah-based Overstock.com said the launch of the acquired business marks a transformation for both Overstock and Bed Bath & Beyond.

"Bed Bath & Beyond is a much-loved and well-known consumer brand, which had an outdated business model that needed modernizing," noted Overstock.com ( OSTK ) CEO Jonathan Johnson.  "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," he added.

Under a Bankruptcy Court-supervised process, the Bed Bath & Beyond ( OTCPK:BBBYQ ) brand was acquired by Overstock in June. Following the acquisition, Overstock is being rebranded as Bed Bath & Beyond, an e-commerce only retailer. The Overstock brand will sunset over time.

Shares of Overstock.com are up over 90% on a year-to-date basis. The retailer pointed to early success for the Bed Bath & Beyond business, with its Q2 earnings report .

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