June 29 (UPI) — Overstock, the Utah-based online retailer known best for selling furniture, has purchased the intellectual property for Bed Bath & Beyond amid the company’s bankruptcy proceedings and will relaunch the failed big box store’s website.
Bed Bath & Beyond’s website and domain names, trademarks, patents, customer database, loyalty program data and other brand assets were sold to Overstock for $21.5 million in cash in a hearing in the U.S. Bankruptcy Court for the District of New Jersey.
The deal excludes any of Bed Bath & Beyond’s inventory, logistical and warehousing assets or leases for its brick-and-mortar locations. The deal also excludes assets for buybuy Baby and Harmon, which were owned and operated by Bed Bath & Beyond.
Overstock made the announcement in a news release for shareholders and said the company will host a conference call on Thursday to discuss the purchase.
Within the next week, Overstock plans to relaunch Bed Bath & Beyond’s Canadian domain, bedbathandbeyond.ca, the company said.
Overstock said the company would follow that with a relaunch of a refreshed U.S. website at bedbathandbeyond.com, as well as a mobile app and loyalty program “weeks later.”
“This acquisition is a significant and transformative step for us,” said Jonathan Johnson, the chief executive of Overstock.
“Bed 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.”
According to CNBC, Buy Buy Baby Inc. may now face two separate auctions for its intellectual property and for its physical stores.
