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Overstock.com, Inc. (NASDAQ: OSTK) is a prominent online retailer specializing in home furnishings and furniture. Based in Salt Lake City, Utah, Overstock has recently undergone a significant transformation by acquiring the beloved consumer brand, Bed Bath & Beyond. This strategic move has revitalized the Bed Bath & Beyond brand, merging the strengths of both companies into a single, comprehensive online shopping destination under the Bed Bath & Beyond name.
Overstock's rebranding initiative reflects its commitment to evolving with the times. The new Bed Bath & Beyond offers an extensive range of high-quality home products, including furniture, décor, area rugs, bedding, bath items, lighting, and home improvement essentials. Customers can now enjoy a seamless shopping experience through the newly launched BedBathandBeyond.com and its mobile app, which feature millions of products at competitive prices.
Jonathan Johnson, CEO of the new Bed Bath & Beyond, highlighted the rebranding's significance, stating, “This is a historic day for Bed Bath & Beyond and Overstock – and for the broader ecommerce industry.” The rebranding aims to modernize the business model, making Bed Bath & Beyond an asset-light, ecommerce-only retailer with a broader assortment of home furnishings and furniture.
One of the notable achievements post-rebranding includes the successful launch of bedbathandbeyond.ca in Canada on June 29, 2023, and bedbathandbeyond.com in the U.S. on August 1, 2023. These launches have garnered positive responses, with increased customer engagement and year-over-year order growth.
Financially, the company is on a positive trajectory. Recent updates indicate substantial growth in active customers, improved website visits, and better conversion rates. The company has also embraced a fixed cost restructuring plan to enhance long-term shareholder value, aiming for annualized cost savings of approximately $25 million.
Additionally, Bed Bath & Beyond has introduced an innovative gift registry platform in partnership with MyRegistry. This digital-first registry offers seamless social sharing, real-time gift feeds, pricing integration, and built-in gift management, providing a modernized experience for gift-givers and registrants alike.
Overstock, now operating as Bed Bath & Beyond, continues to post regular updates about its business and financial performance on its Newsroom and Investor Relations pages. The company’s strategic direction, technological innovations, and customer-centric approach position it as a key player in the ecommerce space, dedicated to connecting consumers with products they love.
Overstock.com (NASDAQ:OSTK) has launched a new fulfillment center in Fontana, California, in collaboration with UPS Supply Chain Services. This center, operational since August 3, 2020, enhances Overstock's logistics, improving shipping speeds and delivery estimates for customers. Positioned near major ports, it supports Overstock's commitment to fast and reliable service in one of its largest markets. This facility complements existing fulfillment centers in Pennsylvania and Kansas, bolstering Overstock's ability to meet the growing online shopping demand.
SALT LAKE CITY, Sept. 10, 2020 – Overstock.com (NASDAQ:OSTK) will participate in a virtual investor event hosted by Piper Sandler on September 11 at 11:00 a.m. ET. CEO Jonathan Johnson and CFO Adrianne Lee will engage in a discussion and Q&A session aimed at enhancing investor relations. Johnson expressed appreciation for this opportunity to increase visibility among investors, highlighting Overstock's commitment to communication. The company, a pioneer in e-commerce and blockchain, offers a wide variety of home products online.
Overstock (NASDAQ:OSTK) has priced its underwritten public offering of 2,100,000 shares of common stock at $84.50 per share, raising approximately $177.45 million in gross proceeds. The offering size increased from the originally planned 1,700,000 shares, with a 30-day option for underwriters to buy an additional 315,000 shares. The offering is set to close on August 14, 2020, and the funds will be utilized for general corporate purposes. BofA Securities and Credit Suisse are leading the offering.
Overstock (NASDAQ:OSTK) has launched a public offering of 1,700,000 shares of its common stock, with an additional option for underwriters to buy 255,000 shares. The proceeds will be used for general corporate purposes. BofA Securities and Credit Suisse are managing the offering, which is registered with the Securities and Exchange Commission. Interested investors can access related documents on the SEC’s website. This move aims to strengthen Overstock's financial position amidst ongoing market dynamics.
Overstock.com, Inc. (NASDAQ:OSTK) will release its second quarter financial results for the period ended June 30, 2020, on July 30, 2020, prior to the market opening. The company will host a conference call at 8:30 a.m. ET to discuss these results and answer questions from participants. Investors can access the live webcast and presentation slides at http://investors.overstock.com. A replay of the conference call will be available two hours after the event on the same website.
On July 10, 2020, Overstock.com (NASDAQ: OSTK) announced that its blockchain subsidiary, Medici Ventures, congratulated SettleMint for being recognized by the Everest Group as one of the Top 14 Start-ups in Low-code Platforms. SettleMint's low-code blockchain solutions offer businesses enhanced speed, efficiency, and cost control for project development. This recognition comes amid increased demand for digital transformation due to the COVID-19 pandemic, highlighting the value of blockchain applications in addressing contemporary challenges.
The Delaware Supreme Court has ruled in favor of Overstock.com (NASDAQ:OSTK) in a significant gift card escheatment case, overturning an earlier $8.6 million judgment against the company. The decision, delivered with a 5-0 vote, reverses a ruling made by the Delaware Superior Court in October 2019, which found Overstock liable for concealing abandoned gift card balances. Vice President E. Glen Nickle expressed satisfaction with the ruling, highlighting the company's respect for the Delaware judicial system.
Overstock.com (NASDAQ: OSTK) has been awarded a U.S. government contract with the General Services Administration (GSA) to provide e-commerce capabilities for federal agencies. This contract allows Overstock to supply essential items like office furniture and equipment. The GSA e-commerce platform will simplify purchasing under $10,000 and is projected to save time and taxpayer dollars. Overstock plans to leverage its technology and experience in both B2B and B2C sectors for government efficiency, with an assortment of products from established partners.
On June 12, 2020, Overstock.com (NASDAQ: OSTK) appointed William Nettles as an independent director. Nettles, a co-founder of Invictus Growth Partners, brings over 25 years of experience in technology and finance. Overstock's Chairwoman, Allison Abraham, and CEO, Jonathan Johnson, expressed confidence that his expertise will guide the company in corporate development and investor relations. With his addition, Overstock's board now includes six members, five of whom are independent, reinforcing its governance.
FAQ
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