2023-06-28 16:20:41 ET
Overstock.com ( NASDAQ: OSTK ) announced the consummation of its acquisition of certain intellectual property assets of the Bed Bath & Beyond banner from Bed Bath & Beyond ( OTCPK:BBBYQ ) under a process supervised by the bankruptcy court in the case.
The Bed Bath & Beyond assets acquired include website and domain names, trademarks, tradenames, patents, customer database, loyalty program data and other brand assets related to the Bed Bath & Beyond banner. The transaction excludes any asset associated with the brick & mortar business of Bed Bath & Beyond, Inc. including store leases, inventory, warehousing, and logistics infrastructure. The buybuy Baby and Harmon banners and their assets formerly operated by Bed Bath & Beyond, Inc. are also excluded from the transaction.
Overstock CEO, Jonathan Johnson called the pickup of Bed Bath & Beyond assets a strategic and transformative step for the retailer. "The combination of our winning asset-light business model and the high awareness and loyalty of the Bed Bath & Beyond brand will improve the customer experience and position the Company for accelerated market share growth," he noted.
Looking ahead, customers of Bed Bath & Beyond will be able to access the vast and growing assortment Overstock.com ( OSTK ) offers, along with the kitchen, bedding, and bath-related products for which Bed Bath & Beyond. Within the next week, Overstock.com ( OSTK ) plans to re-launch the Bed Bath & Beyond domain in Canada, followed weeks later by the re-launch of a refreshed website, mobile app, and loyalty program in the United States.
Overstock.com ( OSTK ) is hosting a conference call on June 29 to discuss the deal in further detail.
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Overstock.com begins integration of Bed Bath & Beyond assets and IP