Online retailer Overstock.com (NASDAQ:OSTK) announced today the completion of its acquisition of certain intellectual property assets of the Bed Bath & Beyond banner from Bed Bath & Beyond Inc (OTC:BBBYQ) through a bankruptcy court process. The $21.5 million cash acquisition was approved by the U.S. Bankruptcy Court.
“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,” said Overstock CEO Jonathan Johnson.
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. Customers of both companies will have a single online shopping destination, bedbathandbeyond.ca in Canada and bedbathandbeyond.com in the U.S., offering a wide range of affordable furniture and home furnishings.
The acquired assets include website, trademarks, patents, customer database, loyalty program data, and other brand assets. The transaction excludes physical store-related assets.
Overstock will hold a conference call to discuss the transaction on June 29, 2023, at 8.30 a.m. ET.
Overstock shares closed with more than a 6% gain today and are currently trading 4% higher after-hours.