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- \nAcquired iconic brand with high consumer awareness, vast customer database, and website domains among other intellectual property<\/em><\/li>\n
- Combining Overstock\u2019s asset-light business model with the well-known Bed Bath & Beyond brand<\/em><\/li>\n
- Transitioning to single Bed Bath & Beyond domain for quality home products<\/em><\/li>\n
- Re-branding Overstock Club O loyalty program as Welcome Rewards <\/em><\/li>\n<\/ul>\n
\/EIN News<\/a>\/ — SALT LAKE CITY, June 28, 2023 (GLOBE NEWSWIRE) — Overstock.com, Inc.<\/a> (NASDAQ: OSTK), a leading online furniture and home furnishings retailer, today announced the consummation of its acquisition of certain intellectual property assets of the Bed Bath & Beyond banner from Bed Bath & Beyond, Inc. under a Bankruptcy Court supervised process. Overstock is hosting a conference call tomorrow, June 29, 2023 at 8.30 a.m. ET, to discuss the transaction.<\/p>\n
\u201cThis acquisition is a significant and transformative step for us,\u201d said Overstock CEO, Jonathan Johnson. \u201cBed 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.\u201d<\/p>\n
Overstock is a leading on-line retailer of indoor and outdoor furniture, home d\u00e9cor, 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.<\/p>\n
Brand Integration<\/u><\/strong>
Within the next week, Overstock 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. New and existing customers of both Overstock and Bed Bath & Beyond will experience a single online shopping destination — bedbathandbeyond.ca<\/strong> in Canada and bedbathandbeyond.com<\/strong> in the U.S. —<\/em> for millions of quality furniture and home furnishings products available at affordable price points for every budget.<\/p>\nOverstock is re-branding its Club O<\/em><\/a> loyalty program as Welcome Rewards<\/em><\/strong>. The newly branded Welcome Rewards<\/em> program will continue to offer 5% reward dollars for all purchases that can be fully redeemed in subsequent transactions.<\/p>\n
\u201cCombining the strengths of the Overstock operational model and the Bed Bath & Beyond brand will create a powerful synergy,\u201d Johnson said. \u201cI\u2019m excited for consumers to experience the new Bed Bath and an even bigger and better Beyond.\u201d<\/p>\n
Transaction Details<\/u><\/strong>
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 U.S. Bankruptcy Court for the District of New Jersey approved Overstock\u2019s winning bid at a sale hearing on June 27, 2023.<\/p>\nThe 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.<\/p>\n
Pursuant to Overstock\u2019s winning bid and asset purchase agreement, the Company purchased the assets for $21.5 million, funded entirely with cash on hand. As previously disclosed, the Company had $374.7 million in cash and cash equivalents at the end of March 31, 2023.<\/p>\n
Legal advisors to Overstock on the transaction were Wachtell, Lipton, Rosen & Katz, and financial advisors were Guggenheim Securities, LLC. Overstock has engaged Bain & Co. and Redscout to provide brand integration management services.<\/p>\n
Webcast and Replay Information<\/u><\/strong>
Overstock will hold a conference call to discuss the transaction on Thursday June 29, 2023 at 8.30 a.m. ET. Interested parties can register and access the webcast here<\/a>. To participate in the conference call via telephone, please pre-register at this link here<\/a>. Registrants will receive dial-in information and a unique PIN to access the live call.<\/p>\n - Combining Overstock\u2019s asset-light business model with the well-known Bed Bath & Beyond brand<\/em><\/li>\n
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