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Overstock purchased the home goods retailer's brand and domain names, and loyalty program assets this week for over $21 million. Overstock currently specializes in online furniture and home furnishings.
Within the next week, Overstock said it 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.
“This acquisition is a significant and transformative step for us,” Overstock CEO Jonathan Johnson said in a statement released by the company. “Bed Bath & Beyond is an iconic consumer brand, well-known in the home retail marketplace.
"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.”
In late April, Bed Bath & Beyond filed for Chapter 11 bankruptcy protection and announced plans to close all of its remaining stores by this summer after efforts to raise enough money to keep the company alive came up short.
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