Overstock.com to rename website Bed Bath & Beyond
A United Parcel Service employee hundreds orders onto a truck within the delivery space on the Overstock.com distribution middle in Salt Lake Metropolis, Utah.
Ken James | Bloomberg | Getty Photographs
Overstock.com goes all in on failed retailer Mattress Bathtub & Past.
The e-commerce residence items retailer will not go by its eponymous title on-line and can as a substitute transfer beneath the Mattress Bathtub & Past area title within the coming weeks after buying the bankrupt rival’s mental property, Overstock introduced Wednesday.
It’ll relaunch the Mattress Bathtub & Past web site in Canada inside the subsequent week, adopted by a rollout of an internet site, cell app and loyalty program within the U.S. “weeks later.”
Overstock introduced the strikes because it accomplished its $21.5 million acquisition of Mattress Bathtub’s mental property and digital property. The corporate hopes the model title will assist to raise sagging gross sales.
“Mattress Bathtub & Past is an iconic shopper model, well-known within the residence retail market,” Overstock CEO Jonathan Johnson mentioned in a press release. “The mix of our successful asset-light enterprise mannequin and the excessive consciousness and loyalty of the Mattress Bathtub & Past model will enhance the shopper expertise and place the Firm for accelerated market share development.”
Regardless of declining gross sales, Overstock’s inventory has surged practically 32% this 12 months. Overstock shares jumped practically 5% in prolonged buying and selling Wednesday and likewise popped when it was first revealed that it efficiently gained the public sale for Mattress Bathtub’s property.
In its first-quarter leads to April, Overstock reported $381 million in income, a 29% drop from the prior-year interval. The e-commerce retailer posted a internet lack of $10 million. Nonetheless, the retailer’s outcomes got here in forward of some estimates, in accordance with Avenue Account.
Overstock won’t purchase any brick-and-mortar Mattress Bathtub shops as a part of the deal. The failed residence items retailer has been internet hosting a sequence of auctions for its myriad property, together with its retailer leases and property from its Purchase Purchase Child banner.
A lot of bidders have expressed curiosity in Purchase Purchase Child’s shops however it stays unclear if any will probably be purchased and saved open.