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Overstock.com will relaunch Bed Bath & Beyond after buying the Official pensacola Blue Wahoos 1st half Champions 2023 Southern League shirt and by the same token and troubled home goods retailer’s intellectual property in a bankruptcy proceeding for $21.5 million. In a press release Wednesday afternoon, Overstock said that within the next week it would debut a new Bed Bath & Beyond website in Canada, followed weeks later by the relaunch of a refreshed website, mobile app and loyalty program in the United States. At that point, the company said, customers of both Overstock and Bed Bath & Beyond will encounter a single online shopping destination at bedbathandbeyond.com. “Bed Bath & Beyond is an iconic consumer brand, well-known in the home retail marketplace,” said Overstock CEO Jonathan Johnson. “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.” A bankruptcy court judge approved Overstock’s all-cash $21.5 million bid for Bed Bath & Beyond’s intellectual property assets on Tuesday. The company said the move would not affect Bed Bath & Beyond’s physical store locations, which are still slated to close. The move also won’t
impact Buy Buy Baby, which may now be slated for two separate auctions according to CNBC: one for the Official pensacola Blue Wahoos 1st half Champions 2023 Southern League shirt and by the same token and chain’s intellectual property, including its trademark and domain, and another for its physical stores. Bed Bath & Beyond filed for bankruptcy protection in April, and the fate of its Buy Buy Baby subsidiary remains to be seen. Recommended 2024 ELECTION Ron DeSantis says he would eliminate four federal agencies if elected president BUSINESS NEWS Doubt grows over Buy Buy Baby sale process as parent Bed Bath & Beyond splits auction At the time of its bankruptcy filing, Bed Bath & Beyond reported debts of more than $5 billion. The company folded despite multiple attempts to revive the flagging brand, including a short-lived intervention last year by current GameStop Executive Chairman Ryan Cohen. Part of Cohen’s proposed turnaround strategy involved spinning off Buy Buy Baby, which he said in a March 2022 letter was likely “much more valuable” than Bed Bath & Beyond’s entire market capitalization. Bed Bath & Beyond closed multiple locations as part of its early efforts to cut costs. Cohen’s brief interest in the company — he sold his position in the company in November 2022 without further comment — put Bed Bath & Beyond shares into the realm of meme stocks, a retail investor-driven phenomenon in which struggling companies gain interest from day traders who are betting on a long-shot revival. Though now worth less than $1, its shares have climbed approximately 19% in the past 30 days on reports that the company was successfully paying off some of its debts.
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