Bed Bath & Beyond lives on!(line). Overstock.com buys rights to bankrupt retailer and changes name
By ANNE D’INNOCENZIO (AP Retail Writer)
NEW YORK (AP) — Bed & Bath & Beyond will live on, online at least, after Overstock.com acquired the bankrupt retail chain’s intellectual property assets for $21.5 million.
The online retailer Overstock.com is dumping its name online and will become Bed & Bath & Beyond, which declared bankruptcy earlier this year. Overstock.com’s CEO Jonathan Johnson told The Associated Press in a phone interview on Thursday that the company is considering changing its corporate name but won’t make any decisions until after it digests the assets.
The switcheroo to a very recognizable brand was cheered on Wall Street. Shares of Overstock.com Inc., based in Midvale, Utah, soared nearly 20% during afternoon trading Thursday.
The deal doesn’t include Bed Bath & Beyond stores, the last of which are expected to be shuttered Friday, or the Buybuy Baby chain.
The name change will roll out in Canada next month and in August, a relaunch of the company’s website and mobile app as Bed Bath & Beyond will appear in the U.S. Those visiting overstock.com will be redirected to bedbathandbeyond.com.