CNN Sans ™ & © 2016 Cable News Network.If the company cannot pull off the offering, it said, it would likely be forced to file for bankruptcy protection.Īccording to sources of the WSJ, the company has secured investor backing for the deal, thereby diluting the bejesus out of the meme-stock jockeys and other existing shareholders. Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account It remains unclear who is buying that portion of the business. Meanwhile, the buybuyBaby chain, a former sister retailer of Bed Bath & Beyond, is being sold off in a separate sales process and is considered the most attractive part of the retailer’s assets. “It will also ensure that Overstock gains the custom of Bed Bath & Beyond customers and loyalists, which, despite the company’s problems over the past few years, remain extensive.” “If handled carefully and with good communication, the rebrand should not alienate existing Overstock customers,” he said. The name change “makes sense” in the eyes of Neil Saunders, retail analyst and managing director at GlobalData Retail, who told CNN the “change is one that should not be too confusing to consumers.” Both have experienced a slowdown in furniture and the home goods sales after a pandemic=induced boom in 20 when many customers, unable to travel or go to the office, spent money redecorating their homes. Perhaps using the recognizable name could give Overstock sales a lift, which have sagged in recent quarters mirroring its rivals’ pains, including Wayfair. Overstock’s loyalty program, Club O, is also being changed to Welcome Rewards, the name of Bed Bath & Beyond’s program. Overstock plans to relaunch that country’s website with a new look, then follow weeks later with a new shopping experience using the Bed Bath & Beyond branding for the United States. Shoppers in Canada will see the changes first. (OSTBP) jumped more than 15% in Thursday trading following the news. However, the acquisition doesn’t include the Bed Bath & Beyond brick-and-mortar stores, which are closing.Ĭalling the acquisition a “significant and transformative step,” Overstock CEO Jonathan Johnson said in a press release that “combining the strengths of the Overstock operational model and the Bed Bath & Beyond brand will create a powerful synergy.” The change comes following a judge’s approval of Overstock’s purchase of the bankrupt brand’s name, domain and loyalty program assets earlier this week for more than $21 million. , one of the biggest names in e-commerce, is ditching its name for something just as recognizable: Bed Bath & Beyond.
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