๐๐ฅ Overstock Stay Makin’ Big Moves, Callin’ Itself Bed Bath & Beyond ๐ฐ๐๏ธ
โฌ๏ธ Pidgin | โฌ๏ธ โฌ๏ธ English
Da online retailer stay changin’ its name an’ identity aftah buyin’ da intellectual property of da bankrupt home-goods store. Soon, Overstock.com goin’ become Bed Bath & Beyond – at least in da digital world. ๐ฎ๐ป๐
Overstock, which last week paid $21.5 million to acquire da bankrupt retailerโs intellectual property, said on Wednesday that it would start operating its website under the Bed Bath & Beyond name. ๐ฐ๐ก๐
Da change goin’ roll out in Canada in early July. Starting in August, about a month aftah da final Bed Bath & Beyond stores in da United States close, customers in da country who visit overstock.com goin’ be redirected to bedbathandbeyond.com. ๐จ๐ฆ๐บ๐ธ๐
Overstockโs mobile app an’ its rewards program goin’ also get rebranded. Company executives plan to eventually bring back Bed Bath & Beyondโs popular wedding registry. ๐๐ฑ๐
As Overstock folds da bankrupt retailersโ assets into its own operations, it considerin’ renaming its business entirely, said Jonathan Johnson, da companyโs chief executive. It might settle on Bed Bath & Beyond, he added, but other names are bein’ considered, too. ๐ข๐๐ค
โI canโt tell you how many times Iโve been asked over da years when weโre goin’ to change da name of Overstock,โ said Mr. Johnson, who has been at da helm since 2019. ๐ฃ๏ธ๐
Fo’ years, Overstock.com been tryin’ to find a way to update its image as one liquidator, which was how it started in 1999. Da company has since moved away from sellin’ only furniture at bargain prices, but ultimately, Mr. Johnson said, its name was holdin’ it back in da eyes of consumers. ๐๐ท๏ธ๐๏ธ
Now, itโs bettin’ Bed Bath & Beyondโs name can help change dat perception. ๐ช๐
โWe goin’ probably have both logos for a little bit, but da goal is to transition as quickly as possible to Bed Bath & Beyond,โ Mr. Johnson said. ๐ค๐
When da home-goods retailer filed fo’ Chapter 11 bankruptcy in April, Mr. Johnson saw an opportunity fo’ his own company. In 2018, when Patrick Byrne, then Overstockโs chief executive, wanted to sell da retail business to focus on cryptocurrency technology, Bed Bath & Beyond was a potential buyer, Mr. Johnson said. But dat deal nevah happened. ๐ฆ๐๐ผ
Da tables turned when da pandemic hit an’ Overstockโs sales surged. Bankers approached da company, suggestin’ it should purchase Bed Bath & Beyond. ๐ก๐ธ๐
On da othah hand, Bed Bath & Beyond was financially battered by da pandemic. Like many retailers, it had to temporarily close its stores, an’ its supply chain buckled as da company sought to keep up with da demand in online shoppin’. Sales fell drastically as company executives made several merchandising and marketing missteps. ๐๐๐ผ
โWeโve been watchin’ an’ watchin’, an’ last year when Bed Bath & Beyond fell on some troubles we started thinkin’, โGee, if it goes bankrupt, we might have da opportunity to purchase what we like witout purchasin’ what gave us pause before,โโ Mr. Johnson said. (Overstock did not purchase Bed Bath & Beyondโs store locations or inventory.) ๐ญ๐ฐ๐ฆ
In da week aftah its bid fo’ Bed Bath & Beyondโs assets became public, Overstock added more than 100,000 bedding an’ bath items to its site as vendors raced to do business wit da company. Dis was aftah months of Overstockโs courtin’ dem an’ makin’ concessions like agreein’ to hold inventory in warehouses, one rare move fo’ da online retailer. Now, Mr. Johnson said, he no think his company goin’ have to do dat to win vendors ova. ๐๏ธ๐๐
Dis acquisition also give Overstock one treasure chest of customer data. Dey get information on what Bed Bath & Beyond shoppers bought online an’ how often dey visited da website – valuable insights as Overstock deals wit its own fallin’ sales. On Wednesday, da company said it expected its second-quarter revenue to drop by about 20 percent compared to da previous year. ๐๐ป๐
Overstockโs sales peaked in 2021 when more people bought furniture durin’ da pandemic. However, da number of active customers has been declinin’, an’ as of April, dey had 4.8 million users. In contrast, Bed Bath & Beyond had twice as many active customers for its online shoppers. โฌ๏ธ๐๐ป
Overstock predicts dat its customer count goin’ increase in da comin’ months, but da average amount spent by shoppers may decrease. Dis is ’cause da small appliances an’ home goods dat Bed Bath & Beyond was known for are generally less expensive than da couches an’ patio tables dat Overstock usually sells. To make consumers aware of its brandin’ changes, Overstock goin’ also increase its marketing efforts. ๐๐๐ฃ
Dis deal come at a time when U.S. consumers spendin’ less on furniture an’ more on dinin’ out an’ travelin’. Sales at furniture an’ home furnishing stores in da first five months of dis year dropped by nearly 3 percent compared to da previous year, accordin’ to Commerce Department data (not adjusted fo’ inflation). ๐บ๐ฝ๏ธ๐
“Opportunities like dis come up once in a while, an’ sometimes dey come up when times are tough,” said Mr. Johnson. “Will da category still be tough in da short to medium term? I think so, but I think gettin’ all these new customers an’ rebrandin’ helps us cut through some of dat headwind.” ๐ฌ๏ธ๐ช๏ธ๐ญ
Durin’ da integration process, Overstock plans to hire workers wit marketing, merchandisin’, an’ technology expertise. Da company been tryin’ to recruit former Bed Bath & Beyond employees. ๐ผ๐ฅ๐ป
As fo’ da fate of Bed Bath & Beyondโs famous 20 percent coupon?
“We goin’ always be couponers; we goin’ always do site sales,” said Mr. Johnson. “Whether we run at 20 percent as frequently as Bed Bath did – probably not. But it goin’ be there in da beginnin’.” ๐ฐ๐ฏ๐
NOW IN ENGLISH
๐๐ฅ Overstock is Making Big Moves, Renaming Itself Bed Bath & Beyond ๐ฐ๐๏ธ
The online retailer is changing its name and identity after acquiring the intellectual property of the bankrupt home-goods store. Soon, Overstock.com will become Bed Bath & Beyond – at least in the digital world. ๐ฎ๐ป๐
Overstock, which recently paid $21.5 million to acquire the bankrupt retailer’s intellectual property, announced on Wednesday that it would start operating its website under the Bed Bath & Beyond name. ๐ฐ๐ก๐
The name change will first be implemented in Canada in early July. Starting in August, about a month after the final Bed Bath & Beyond stores in the United States close, customers in the country who visit overstock.com will be redirected to bedbathandbeyond.com. ๐จ๐ฆ๐บ๐ธ๐
Overstock’s mobile app and rewards program will also undergo rebranding. Company executives plan to eventually reintroduce Bed Bath & Beyond’s popular wedding registry. ๐๐ฑ๐
As Overstock incorporates the bankrupt retailer’s assets into its operations, it is considering a complete renaming of its business, according to Jonathan Johnson, the company’s chief executive. While Bed Bath & Beyond might be the chosen name, other options are also being considered. ๐ข๐๐ค
“I can’t tell you how many times I’ve been asked over the years when we’re going to change the name of Overstock,” said Mr. Johnson, who has been leading the company since 2019. ๐ฃ๏ธ๐
For years, Overstock.com has been trying to update its image as a liquidator, which was its starting point back in 1999. The company has moved away from solely selling furniture at bargain prices, but its name has been holding it back in the eyes of consumers, Mr. Johnson explained. ๐๐ท๏ธ๐๏ธ
Now, Overstock is placing its bet on the name recognition of Bed Bath & Beyond to change that perception. ๐ช๐
“We will probably have both logos for a little bit, but the goal is to transition as quickly as possible to Bed Bath & Beyond,” Mr. Johnson stated. ๐ค๐
When the home-goods retailer filed for Chapter 11 bankruptcy in April, Mr. Johnson saw an opportunity for his own company. In 2018, when Patrick Byrne, then Overstock’s chief executive, wanted to sell the retail business to focus on cryptocurrency technology, Bed Bath & Beyond was a potential buyer, Mr. Johnson revealed. However, the deal never materialized. ๐ฆ๐๐ผ
The tables turned when the pandemic hit, and Overstock experienced a surge in sales. Bankers approached the company, suggesting it should consider purchasing Bed Bath & Beyond. ๐ก๐ธ๐
On the other hand, Bed Bath & Beyond faced significant financial challenges due to the pandemic. Like many retailers, it had to temporarily close its stores, and its supply chain struggled to keep up with the increased demand for online shopping. Sales plummeted as company executives made various merchandising and marketing missteps. ๐๐๐ผ
“We’ve been watching and watching, and last year when Bed Bath & Beyond encountered some troubles, we started thinking, ‘Gee, if it goes bankrupt, we might have the opportunity to purchase what we like without acquiring what gave us pause before,'” Mr. Johnson explained. (Overstock did not purchase Bed Bath & Beyond’s store locations or inventory.) ๐ญ๐ฐ๐ฆ
In the week following the public announcement of its bid for Bed Bath & Beyond’s assets, Overstock added over 100,000 bedding and bath items to its site as vendors rushed to do business with the company. This came after months of Overstock actively pursuing these vendors and making concessions, such as agreeing to hold inventory in warehouses, a rare move for an online retailer. Now, Mr. Johnson believes his company won’t have to make such concessions to win over vendors. ๐๏ธ๐๐
This acquisition also provides Overstock with a wealth of customer data. They have access to information on what Bed Bath & Beyond shoppers purchased online and how frequently they visited the website – valuable insights as Overstock faces its own declining sales. On Wednesday, the company announced an expected drop of about 20 percent in second-quarter revenue compared to the previous year. ๐๐ป๐
Overstock’s sales reached their peak in 2021 when more people were buying furniture during the pandemic. However, the number of active customers has been declining, and as of April, they had 4.8 million users. In contrast, Bed Bath & Beyond had twice as many active customers for its online shoppers. โฌ๏ธ๐๐ป
Overstock anticipates that its customer count will increase in the coming months, although the average amount spent by shoppers may decrease. This is because the small appliances and home goods that Bed Bath & Beyond is known for are generally less expensive than the couches and patio tables that Overstock typically sells. To raise awareness of its rebranding efforts, Overstock will also ramp up its marketing campaigns. ๐๐๐ฃ
This deal comes at a time when U.S. consumers are spending less on furniture and more on dining out and traveling. According to Commerce Department data (not adjusted for inflation), sales at furniture and home furnishing stores in the first five months of this year dropped nearly 3 percent compared to the previous year. ๐บ๐ฝ๏ธ๐
“Opportunities like this come up once in a while, and sometimes they come up when times are tough,” Mr. Johnson remarked. “Will the category still be challenging in the short to medium term? I think so, but I believe that gaining new customers and rebranding will help us navigate through some of those headwinds.” ๐ฌ๏ธ๐ช๏ธ๐ญ
During the integration process, Overstock plans to hire individuals with expertise in marketing, merchandising, and technology. The company has been actively recruiting former Bed Bath & Beyond employees. ๐ผ๐ฅ๐ป
As for the fate of Bed Bath & Beyond’s famous 20 percent coupon?
“We will always be couponers; we will always have site sales,” Mr. Johnson assured. “However, we may not run 20 percent off promotions as frequently as Bed Bath & Beyond did. But the coupon will still be there in the beginning.” ๐ฐ๐ฏ๐
