A bankrupt retailer is now making a massive comeback according to an executive who’s company took it over.
Overstock.com, which now owns Bed Bath & Beyond says plans are on the works for a much bigger and bolder company.
The company has bet its future on the Bed Bath & Beyond brand after it declared Chapter 7 bankruptcy, and has even rebranded under its name.
The company’s chief executive, Jonathan Johnson says “Over the last three months, we have accelerated our efforts to build the company with a bigger, brighter, bolder future.”
“On June 28, we acquired the Bed Bath & Beyond brand and IP, a brand ranked in the top five most recognizable home brands in the United States, alongside titans like Target, Walmart, and Home Depot.
“Within hours of closing the deal, we revived the brand in Canada, and in just 33 days we launched the brand in the U.S. under our unique asset-light [ digital without stores] operational model,” he continued.
Johnson explained that Overstock had actually considered buying Bed Bath & Beyond “just a few years ago,” however, that purchase would have cost the company roughly $2 billion contrary to the $175 million they acquired it for.
Explaining why the deal was a steal, the Chief Executive stated the following:
“First, the No. 5 most recognizable brand in the home space and as an aside in that same ranking Overstock was No. 25; second an over 100 million person customer file; third, vendor relationships with some of the biggest home category brands in the world; and fourth, valuable intellectual property.”
“Earlier this week, we announced our new corporate name Beyond. This new corporate identity builds on the value of our iconic consumer brand. It also recognizes our ability to transform into more than just a single-brand e-commerce retailer,” he said.
Other Economy News Today
A massive Walmart now unexpectedly closes and liquidates its inventory at 75% off in Connecticut.
“A recent surprise announcement of yet another 2023 Walmart store closure, this one a location in Norwalk, Connecticut, has led customers to enthusiastically take advantage of the store’s current liquidation sale,” reports Joel Eisenberg.
The store, located at 680 Connecticut Avenue is closing on November 3rd.
“There are 4,623 Walmart stores in the United States as of October 16, 2023“, reports ScrapeHero.
According to an October 28th report from The-Sun, a large percentage of the store’s inventory, such as fresh groceries, has already sold out.
The company promised jobs will be available at other locations for any of the 255 workers who wish to remain with the company.
The company is currently listing approximately 280 positions in Connecticut.
“We are grateful to the customers who have given us the privilege of serving them at our Connecticut Avenue location,” stated Walmart spokesperson Felicia McCranie, in an email to CT Insider.
Residents on the other hand are not as thrilled.
“I’m here all the time, so it’s definitely a little bit frustrating,” said Missy Dye Radin, a Norwalk resident who was shopping for schools supplies for her son.
“It’s definitely going to be a loss for the community, I think, because you are just limited about where you can go.”
On Connecticut Avenue, Target surfaced earlier this year as a potential replacement tenant, but has yet to confirm it is moving ahead with the store in response to CT Insider queries.
“Target is more expensive,” Radin said. “You can get everything you need for your house, but I just feel like you’re getting a better value at Walmart.”
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