Overstock.com, the purchaser of the intellectual property assets of the bankrupt retailer Bed Bath & Beyond for $21.5 million, has triumphantly reinstated the brand in the United States as BedBathandBeyond.com, according to CEO Jonathan Johnson. He expressed that the brand, despite its financial issues, is still cherished and emblematic.
Johnson highlighted that the newly rejuvenated online store boasts 600,000 fresh products, predominantly branded items in the kitchen, bed, and bath sectors, and they're more affordable than before.
Ignoring the financial pitfalls of Bed, Bath & Beyond, Johnson saw a huge opportunity in amalgamating the finest aspects of the distressed company and Overstock. This would result in an enhanced, asset-light e-commerce retailer featuring a broader range of home furnishings and furniture. The company declared bankruptcy earlier this year after several unsuccessful revival attempts.
Furthermore, Johnson announced that suppliers are eagerly queuing up to partner with the reborn company.
"Bad management sometimes kills businesses but doesn't kill brands," Johnson said to FOX Business.
Johnson mentioned that Overstock has been closely observing the company for the previous three years, becoming captivated by its clientele. The brand is not only "really well-loved," but it also ranks within the top five brands in the home sector, a position "much higher than we are," admitted Johnson.
The issue lay in the company's archaic business model, which Johnson highlighted as needing a contemporary touch.
Simultaneously, while Overstock was flourishing as a lean business, it was being burdened by its brand name.
Johnson expressed that customers, as well as suppliers, had mistaken impressions of the company based on its past two-decade-old business model as a liquidator. This misconception caused some suppliers to avoid cooperation with the company, while others only partially revealed their product catalogs to it.
Jonathan Johnson, CEO of Overstock, which recently made a comeback as Bedbathandbeyond.com, explained that merging the Bed Bath & Beyond brand with Overstock's business approach effectively resolved both issues.
In Canada, where Bed Bath & Beyond.com was unveiled at the end of June, Johnson stated that the company has already witnessed an elevated return on advertising spending and a higher conversion rate on its overhauled site.
All product categories have seen a boost in revenue, but the company has seen the greatest sales increase in its kitchen, bed, and bath products since its relaunch.
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