SALT LAKE CITY — Like a phoenix rising from the ashes of bankruptcy, Bed Bath & Beyond will live on thanks to the lifesaving measures of a Utah-based company.
Overstock announced Wednesday that it will relaunch the company's already popular website using the Bed Bath & Beyond URL.
The Salt Lake City company purchased the digital assets of the dying retailer for $21.5 million last week. The deal did not include Bed Bath & Beyond's retail stores, which will soon shutter doors at all its locations.
While Overstock will bring the Bed Bath & Beyond brand under its umbrella, it will take the unorthodox step of changing its own domain instead of the other way around. Starting this week, Overstock will rebrand the BB&B domain in Canada, with a rollout of the new bedbathandbeyond.com launching in the U.S. in the coming weeks.
Once the relaunch is activated, users who head to Overstock.com will be redirected to bedbathandbeyond.com.
The New York Times reports Overstock may take things a step further as it is considering renaming the company to Bed Bath & Beyond, although other names are being considered.
“Combining the strengths of the Overstock operational model and the Bed Bath & Beyond brand will create a powerful synergy,” said Overstock CEO Jonathan Johnson. “I’m excited for consumers to experience the new Bed Bath and an even bigger and better Beyond.”
According to CNBC, Overstock stock jumped almost 5% on Wednesday after news of its acquisition was formally announced.
