There are a lot of brands that have been through bankruptcy that are still very popular with customers." "Mismanagement can kill companies, but it doesn't necessarily kill brands. "Shareholders have lost interest in the brand, but customers are still very loyal to it," said Johnson. Before making the decision to submit a bid to the New Jersey bankruptcy court, Overstock commissioned a third-party survey of the top 25 brands in the home space-Bed, Bath & Beyond ranked number 5. Johnson said he wasn't concerned about brand damage that might have been caused by the turmoil over the past few years leading to the April 23, 2023 bankruptcy protection filing. So after looking we didn't really do anything. But when it went bankrupt, we thought, 'wow, now we can get the name, the intellectual property, the customer list without getting the stores and inventory.' It felt like a great thing for us." We loved its name, its demographic, and its customer base but its business model didn't fit what we do. We had looked at Bed Bath & Beyond about three years ago. He elaborated, "We needed a name that better describes who we are. "We were able to put in a bid that turned out to be preemptive because not only were the customer lists, URL, and private label brands important to us, but the name itself solved a problem we've been thinking about for a long time." “We were able to bid a little bit more for it than would a bottom feeder or someone just wanting pieces of it: customer lists, the Canadian business, or one of the private labels," said Johnson. The hard part is executing, getting those customers to convert, growing our customer base, and making this acquisition accretive to both the top and bottom lines," Overstock's CEO, Jonathan Johnson mentioned to TechBuzz today. Overstock used cash on hand to cover the transaction. Bankruptcy Court approved Overstock’s winning bid of $21.5 million at a sale hearing. Overstock did not acquire any Bed Bath & Beyond brick & mortar assets such as store leases, inventory, warehouse, other infrastructure, nor did it acquire related brands such as buybuy Baby. These assets include the Bed Bath & Beyond website and domain names, trademarks, trade names, patents, customer database, loyalty program data and other related IP. under a supervised Bankruptcy Court process. has announced it has acquired the brand, URL and certain intellectual property assets of struggling Bed Bath & Beyond, Inc.
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