About a year after changing its name to Bed Bath & Beyond, the company formerly known as Overstock.com is reconsidering the decision.
The company has officially relaunched the Overstock.com brand as a standalone website with an expanded inventory and a new look. The Bed Bath & Beyond digital store will continue to exist and will focus more on the kitchen, bedroom and bathroom categories. (Overstock acquired the Bed Bath & Beyond brand in June 2023 for $21.5 million.)
This move has been a long time in the making. During an earnings call in February, Beyond executive chairman Marcus Lemonis said closing Overstock.com was a “fatal mistake.” Overstock.com has announced plans to return, with a soft launch in March.
The new Overstock is very similar to the old one, with a focus on indoor and outdoor furniture, rugs, decor and lighting, but the company plans to expand its offerings to include everything from clothing and pet supplies to collectibles.
Former CEO Jonathan Johnson was responsible for the transition from Overstock to Beyond. Under pressure from activist hedge funds, he resigned after overseeing the company for 20 years on the day it officially changed its name.
“We are optimistic that, in its fully mature state, Bass has the potential to become a billion-dollar brand with positive contributions and higher frequency of visits,” Lemonis said during an earnings call in May. .
Beyond/Overstock sales peaked in 2021 at $2.76 billion. Last year, that total fell to $1.56 billion due to poor website performance and weak consumer demand. However, Overstock.com said in May that returns from the trial run exceeded expectations. This gives it hope that a two-pronged approach to online retail can help it regain momentum in the coming months.
