Bed Bath & Beyond is making a comeback after Overstock.com became the home goods retailer’s new owner.
CEO Jonathan Johnson has a mission: combine the franchise’s iconic brand name with Overstock’s business model “to create a business that can soar.”
Overstock re-launched Bed Bath & Beyond’s website on Tuesday, aiming to see up to $50 of loyalty reward points reinstated from former customer accounts as well as other perks including 20% off deals, transfer of membership, initial discounted purchases for app downloads, and current plus new reward loyalty programs.
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“People view Overstock as liquidation, which is what we were 25 years ago when we started, but that’s not what we’ve been for the past two decades,” Johnson responded when asked why Overstock was interested in adopting the Bed Bath & Beyond brand.
Johnson expressed the jealousy Overstock had for Bed Bath & Beyond because it was always a brand that people depended on and loved. Overstock announced its purchase of the franchise shortly after the company filed for bankruptcy for $21.5 million.
After years of failed attempts to reboot its business, Bed Bath & Beyond filed for Chapter 11 protection in April and physical stores began closing its stores throughout the nation. Overstock shined bright throughout recent years since its 1999 launch as a liquidator and going public in 2002. The number of active customers this past quarter fell to 4.6 million, down 29% from the same period last year.
The re-launch of Bed Bath & Beyond is predicted to see success compared to its competition by leaning heavily on the deals and discounts being offered. Johnson added: “Our view is bad management can kill companies, but it doesn’t kill brands. The Bed Bath brand is still strongly associated with home, and still much loved.”
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