Bed Bath & Beyond relaunches online following bankruptcy
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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 Johnson described Bed Bath & Beyond as "a much-loved and well-known consumer brand, which had an outdated business model that needed modernizing," and said the relaunch was "breathing new life into Bed Bath & Beyond, positioning it as an asset-light, e-commerce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."
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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.
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A free daily digest of the biggest news stories of the day - and the best features from our website
Justin Klawans is a staff writer at The Week. Based in Chicago, he was previously a breaking news reporter for Newsweek, writing breaking news and features for verticals including politics, U.S. and global affairs, business, crime, sports, and more. His reporting has been cited on many online platforms, in addition to CBS' The Late Show with Stephen Colbert.
He is also passionate about entertainment and sports news, and has covered film, television, and casting news as a freelancer for outlets like Collider and United Press International, as well as Chicago sports news for Fansided.
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