Overstock.com, the online retailer of home goods, furniture and more, has secured a deal to acquire Bed Bath & Beyond’s brand name, intellectual property and ecommerce platform for $21.5 million. The deal was approved by a US bankruptcy judge on Tuesday, after Bed Bath & Beyond filed for Chapter 11 bankruptcy protection in April.

Bed Bath & Beyond, once a popular destination for home essentials, bedding and kitchenware, had been struggling for years with falling sales, outdated merchandising and fierce competition from online rivals. The pandemic further worsened its situation, forcing it to close hundreds of stores and lay off thousands of workers. The sale of its online assets to Overstock is part of its efforts to liquidate its remaining assets and repay its creditors. Bed Bath & Beyond’s stores and inventory are not included in the deal.

The company is also hosting a separate auction for its Buy Buy Baby chain, which sells products for infants and toddlers. Overstock, on the other hand, has been benefiting from the surge in online shopping during the pandemic, as consumers turned to its website for home improvement and furnishing needs.

The company reported a 94% increase in revenue and a 13-fold increase in net income in 2022. By acquiring Bed Bath & Beyond’s online assets, Overstock hopes to expand its customer base, product offerings and market share in the home goods sector.
The company said it plans to leverage Bed Bath & Beyond’s brand recognition, loyal customers and digital capabilities to enhance its own ecommerce platform.

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