Overstock.com will change website name to Bed Bath & Beyond as deal closes

Overstock.com is going each successful connected failed retailer Bed Bath & Beyond.

The e-commerce location goods retailer volition nary longer spell by its eponymous sanction online and volition alternatively determination nether the Bed Bath & Beyond domain sanction successful the coming weeks aft acquiring the bankrupt rival's intelligence property, Overstock announced Wednesday.

It volition relaunch the Bed Bath & Beyond website successful Canada wrong the adjacent week, followed by a rollout of a website, mobile app and loyalty programme successful the U.S. "weeks later."

Overstock announced the moves arsenic it completed its $21.5 cardinal acquisition of Bed Bath's intelligence spot and integer assets. The institution hopes the marque sanction volition assistance to assistance sagging sales.

"Bed Bath & Beyond is an iconic user brand, well-known successful the location retail marketplace," Overstock CEO Jonathan Johnson said successful a statement. "The operation of our winning asset-light concern exemplary and the precocious consciousness and loyalty of the Bed Bath & Beyond marque volition amended the lawsuit acquisition and presumption the Company for accelerated marketplace stock growth."

Despite declining sales, Overstock's banal has surged astir 32% this year. Overstock shares jumped astir 5% successful extended trading Wednesday and besides popped erstwhile it was archetypal revealed that it successfully won the auction for Bed Bath's assets.

In its first-quarter results successful April, Overstock reported $381 cardinal successful revenue, a 29% driblet from the prior-year period. The e-commerce retailer posted a nett nonaccomplishment of $10 million. Still, the retailer's results came successful up of immoderate estimates, according to Street Account.

Overstock volition not get immoderate brick-and-mortar Bed Bath stores arsenic portion of the deal. The failed location goods retailer has been hosting a bid of auctions for its myriad assets, including its store leases and assets from its Buy Buy Baby banner.

A fig of bidders person expressed involvement successful Buy Buy Baby's stores but it remains unclear if immoderate volition beryllium bought and kept open.