Press ReleaseView printer-friendly version << Back
- Acquired iconic brand with high consumer awareness, vast customer database, and website domains among other intellectual property
- Combining Overstock’s asset-light business model with the well-known Bed Bath & Beyond brand
- Transitioning to single Bed Bath & Beyond domain for quality home products
- Re-branding Overstock Club O loyalty program as Welcome Rewards
“This acquisition is a significant and transformative step for us,” said Overstock CEO,
Overstock is a leading on-line retailer of indoor and outdoor furniture, home décor, and area rugs, among other home furnishings products. Customers of Bed Bath & Beyond will be able to access the vast and growing assortment Overstock offers, along with the kitchen, bedding, and bath-related products for which Bed Bath & Beyond has been a destination for over 30 years.
Within the next week, Overstock plans to re-launch the Bed Bath & Beyond domain in
Overstock is re-branding its Club O loyalty program as Welcome Rewards. The newly branded Welcome Rewards program will continue to offer 5% reward dollars for all purchases that can be fully redeemed in subsequent transactions.
“Combining the strengths of the Overstock operational model and the Bed Bath & Beyond brand will create a powerful synergy,” Johnson said. “I’m excited for consumers to experience the new Bed Bath and an even bigger and better Beyond.”
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.
Pursuant to Overstock’s winning bid and asset purchase agreement, the Company purchased the assets for
Legal advisors to Overstock on the transaction were
Webcast and Replay Information
Overstock will hold a conference call to discuss the transaction on
A replay of the conference call will be available at http://investors.overstock.com two hours after the live call has ended.
Second Quarter 2023 Performance Preliminary Update
Overstock is providing select preliminary second quarter 2023 financial information.
2Q 2023 quarter to date, revenue is estimated to have declined in the low-20% range compared to 2Q 2022. The promotional and marketing environment has remained highly competitive due to the weak consumer sentiment within a challenging economic backdrop and changes in consumer spending preferences. While this has put pressure on profitability, we continue to expect to deliver positive adjusted EBITDA for 2Q 2023.
We will not be providing any additional details or taking any questions related to the second quarter 2023 preliminary performance update on the conference call.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact, including but not limited to statements regarding the intellectual property transaction, expected consequences thereof, and other related topics to be discussed, as well as our preliminary second quarter 2023 performance. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended
Source: Overstock.com, Inc.