A United Parcel Services employee loads orders on to a truck in the delivery area at the Overstock.com distribution middle in Salt Lake City, Utah.
Ken James | Bloomberg | Getty Pictures
Overstock.com is heading all in on failed retailer Bed Bath & Beyond.
The e-commerce dwelling products retailer will no for a longer time go by its eponymous identify online and will as an alternative move beneath the Bed Bath & Outside of area title in the coming months after acquiring the bankrupt rival’s intellectual house, Overstock announced Wednesday.
It will relaunch the Mattress Bath & Further than web site in Canada inside the up coming week, adopted by a rollout of a website, cell application and loyalty program in the U.S. “weeks later.”
Overstock declared the moves as it completed its $21.5 million acquisition of Bed Bath’s intellectual residence and digital belongings. The business hopes the brand name will enable to elevate sagging sales.
“Bed Bathtub & Over and above is an iconic customer manufacturer, perfectly-regarded in the residence retail marketplace,” Overstock CEO Jonathan Johnson said in a statement. “The combination of our profitable asset-mild enterprise design and the high recognition and loyalty of the Bed Bath & Over and above brand will enhance the client experience and position the Firm for accelerated current market share growth.”
In spite of declining revenue, Overstock’s stock has surged virtually 32% this calendar year. Overstock shares jumped virtually 5% in extended trading Wednesday and also popped when it was 1st exposed that it correctly received the auction for Mattress Bath’s belongings.
In its 1st-quarter benefits in April, Overstock reported $381 million in revenue, a 29% fall from the prior-year time period. The e-commerce retailer posted a net decline of $10 million. However, the retailer’s final results arrived in forward of some estimates, according to Street Account.
Overstock will not get any brick-and-mortar Mattress Bathtub outlets as element of the offer. The unsuccessful residence merchandise retailer has been internet hosting a sequence of auctions for its myriad property, such as its retailer leases and assets from its Get Acquire Toddler banner.
A number of bidders have expressed curiosity in Acquire Buy Baby’s merchants but it stays unclear if any will be acquired and saved open up.