This audio is auto-generated. Please let us know if you have feedback.
Overstock.com, which operates as Bed Bath & Beyond, plans to change its corporate name.
The e-commerce retailer said Tuesday that it will change its corporate name to Beyond Inc. effective Nov. 6. Overstock on June 28 acquired Bed Bath & Beyond’s brand and key intellectual property elements following the latter company’s bankruptcy in April and subsequent liquidation after more than 50 years in business.
Following the $21.5 million IP acquisition, Overstock, founded in 1999, rebranded to Bed Bath & Beyond and relaunched its e-commerce sites in Canada and the U.S. during the summer. The company also introduced a new mobile app in the U.S. on Aug. 1. The combined company offers home decor, including furniture, bedding, and kitchenware.
In a July earnings call, CEO Jonathan Johnson described Overstock as a company with a great business model but said the name confused or disappointed customers and vendors who associated the name with a closeout or off-price offering. Meanwhile, the former, pre-bankruptcy Bed Bath & Beyond was an iconic brand “weighed down by a boat anchor of an outdated business model that got worse over time,” Johnson said at the time. The name changes and rebranding addresses those issues, Johnson said.
“As we continue the process of transforming our consumer brand, our new corporate name will help us reach millions of new customers with our advantageous and differentiated, asset-light e-commerce business model,” Johnson said. “The name ‘Beyond’ emphasizes our commitment to connect new and legacy customers with a wide assortment of products and services.”
In addition to the corporate name change, the company will transfer its stock listing from the NASDAQ to the New York Stock Exchange and change its ticker symbol from OSTK to BYON. Overstock will continue trading on the NASDAQ with ticker symbol OSTK until the market closes on Nov. 3. Beyond will begin trading on the NYSE with the new ticker symbol BYON when the market opens on Nov. 6., according to the release.
Beyond said it will continue using the Bed Bath & Beyond name for its consumer-facing e-commerce business.
Overstock – soon to be Beyond – is scheduled to report its third-quarter results on Thursday.
via https://www.aiupnow.com
Nate Delesline III, Khareem Sudlow
