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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 reported a remarkable 94% year-over-year revenue growth in Q1 2021, reaching $660 million. The company achieved income from continuing operations of $26 million, an increase of $40 million from the previous year. Diluted earnings per share improved to $0.56, showcasing strong operational performance. Active customers grew significantly to 9.9 million, up 92% year over year. Overstock also closed a partnership with Pelion Venture Partners, focusing on blockchain asset management. The company is poised for sustained profitability throughout 2021.
Overstock.com (NASDAQ:OSTK) has completed its blockchain fund transaction with Pelion Venture Partners, converting its subsidiary Medici Ventures into a limited partnership. Overstock has committed $45 million over eight years and will receive first returns on invested capital before profit sharing. The fund will maintain a significant minority stake in tZERO Group, enhancing Overstock's position in blockchain technology. CEO Jonathan Johnson expressed confidence in Pelion's management capabilities, emphasizing growth in Overstock's core e-commerce business.
tZERO has partnered with Eqvista, an equity management platform, to offer tokenization services and secondary liquidity solutions to its clients. The collaboration aims to enhance tZERO's access to high-quality companies interested in digital securities. tZERO’s CEO, Saum Noursalehi, emphasized the importance of this partnership in promoting secondary trading opportunities. Eqvista provides advanced equity management software, catering to companies with complex capital structures. This alliance reflects both companies' commitment to improving market access for private capital.
Overstock.com (NASDAQ:OSTK) is set to announce its first quarter financial results on April 29, 2021, before the market opens. A conference call is planned for 8:30 AM ET that day, where executives will discuss the results and answer questions submitted in advance. The company, known for its e-commerce platform and blockchain advocacy, continues to attract millions of monthly visitors. With historical significance as a cryptocurrency pioneer, Overstock aims to drive innovation in both e-commerce and blockchain technology.
Overstock.com has appointed Elizabeth Solomon as the new Chief Marketing Officer, leveraging her extensive experience from Amazon and Fortune 100 companies.
Solomon will focus on customer acquisition, retention, and enhancing marketing technologies as Overstock aims for continued market share growth.
CEO Jonathan Johnson is optimistic about Solomon's ability to elevate Overstock's marketing strategy amid a renewed emphasis on home furnishings.
Her track record includes significant roles at Samsung, Walmart, and Nestlé, promising innovative marketing approaches.
tZERO, a leader in blockchain and digital asset liquidity, has partnered with Realio to enhance access to secondary trading for tokenized real estate and private equity assets. The agreement connects Realio's pipeline of over $300M in tokenizable assets to tZERO ATS, a FINRA member broker-dealer. This collaboration aims to provide institutional-grade digital asset solutions while adhering to regulatory requirements. tZERO's CEO emphasized the importance of integrating high-quality digitized assets to facilitate market participation.
tZERO announced its partnership with DigiShares, connecting digital securities issuers on DigiShares’ platform to tZERO ATS, enhancing liquidity access for these assets. This collaboration enables issuers to provide secondary liquidity, subject to regulatory requirements. DigiShares offers a white-label platform for tokenized securities and has established connections across multiple regions including the U.S., Europe, and Asia. The partnership aims to streamline the tokenization process, especially in real estate, by improving market access.
Overstock.com (NASDAQ:OSTK) announced its participation in the D.A. Davidson & Co. 4th Annual Consumer Growth Conference on March 11, 2021. CEO Jonathan Johnson and CFO Adrianne Lee will engage in investor meetings and a fireside chat. Johnson emphasized the company’s record growth and profitability in 2020, expressing optimism about continuing momentum in 2021. Overstock is known for its e-commerce platform specializing in home products and is a pioneer in accepting cryptocurrency. For more insights, visit their website.
Overstock.com, a leader in e-commerce and blockchain, announced participation in the D.A. Davidson & Co. 4th Annual Consumer Growth Conference. CEO Jonathan Johnson and CFO Adrianne Lee will engage in investor meetings and a fireside chat on March 11, 2021. Johnson highlighted the company's record growth and profitability in 2020, expressing enthusiasm for continued momentum and market share expansion in 2021. Overstock, trading under NASDAQ:OSTK and OTCQX:OSTBP, is known for its competitive pricing in home products and as an early adopter of cryptocurrency.
tZERO, a leader in blockchain liquidity for digital assets, announced a live update and Q&A session led by CEO Saum Noursalehi and the management team on March 10, 2021, at 4 PM ET. The session aims to provide insights into the company and engage with attendees through questions. Interested individuals can register for the event online and submit questions in advance. A recording will be available on tZERO's website post-event. tZERO operates under Medici Ventures, a subsidiary of Overstock.com (NASDAQ:OSTK), focusing on democratizing access to private capital markets.
FAQ
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Why did Overstock rebrand to Bed Bath & Beyond?
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