The online retailer is now set to take on a new identity, as Overstock.com’s CEO Jonathan Johnson told the Associated Press Thursday that the company is currently considering changing its original corporate name to adopt that of Bed Bath & Beyond. However, it won’t make any decisions until after it evaluates the assets, but the idea of taking over the brick-and-mortar namesake received positive feedback from shareholders on Wall Street.
AP News also reported that Overstock saw its stocks soar more than 20% than its average price. The deal between the two retailers doesn’t include the physical Bed Bath & Beyond stores, though — the final ones are anticipated to close on Friday — or the Buybuy Baby brand.
However, American consumers are going to need to wait a bit before the change hits. The rollout will start in Canada and make its way south. Shoppers are expected to see a new app and an updated website for their shopping needs.
“This opportunity is too good to be true,” Johnson said. “We are Bed Bath and a bigger beyond.”
Overstock is elated about the change to say nonetheless. In a recent statement, Johnson admitted that the company didn’t have the same familiarity as Wayfair and other home goods destinations. Ever since Bed Bath & Beyond’s financial troubles have been made public, Overstock has been trying to place a stake in its remaining business.
“Our base pricing is better than what customers have experienced at Bed Bath & Beyond,” Johnson said. “While they’ll be able to add a coupon on top of it, I don’t think they’ll need to rely on the standard Bed Bath & Beyond ‘20% off’ coupon that was almost ubiquitous.”
Johnson is looking to carry over Bed Bath & Beyond’s customers to Overstock and is hoping he can triple his traffic with this rebranding.
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