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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.
tZERO, a blockchain innovation leader, has partnered with Earn.re to enhance liquidity for digital securities in commercial real estate. This collaboration allows U.S. property issuers to offer secondary liquidity on tZERO ATS, contingent upon due diligence and regulatory compliance. CEOs Saum Noursalehi and Aaron Lohmann highlight the partnership's potential for increased innovation in real estate financing. tZERO aims to democratize access to private capital markets, promoting transparency and safety in digital securities.
tZERO has partnered with the ROI Group™ to digitize up to $50 million in preferred equity for a luxury hotel and residential project in Dubai, utilizing the Tezos Blockchain. This collaboration marks ROI Group™'s inaugural digital security venture. The digital securities are expected to be issued by Q3 2021, with project completion anticipated by Q4 2023. The partnership aims to enhance liquidity for traditionally illiquid assets like real estate, utilizing tZERO’s smart contract technology and offering secondary market trading opportunities on the tZERO ATS.
Overstock.com reported impressive financial results for Q4 2020, with net revenue of $684 million, marking an 84% increase year over year. Full year 2020 revenues reached $2.5 billion, a 75% growth, while net income improved to $56 million, a $178 million increase year over year. The company achieved a diluted EPS of $1.24 for the year. Additionally, Overstock announced a partnership with Pelion Venture Partners to enhance its blockchain investments, aiming for sustainable and profitable market share growth in 2021.
Overstock.com reported a remarkable 84% year-over-year growth in fourth quarter net revenue, reaching $684 million, while annual revenue increased 75% to $2.5 billion. The company achieved a net income of $56 million for the full year, up $178 million from the previous year. Earnings per share improved to $1.24, reflecting significant operational enhancements. Overstock also noted a strategic partnership with Pelion Venture Partners to oversee its Medici Ventures blockchain assets, with a total capital commitment of $45 million.
tZERO has announced a significant integration with Tokensoft to enhance the secondary liquidity process for issuers. This collaboration allows Tokensoft’s digital security technology to work seamlessly with tZERO’s secondary trading platform, facilitating a smoother onboarding and trading experience for security issuers. tZERO aims to democratize access to private capital markets, while Tokensoft provides a strong compliance and transfer process. This integration positions both companies to lead in the blockchain-enabled securities market.
Overstock.com (NASDAQ:OSTK) is set to announce its fourth quarter financial results for the period ending December 31, 2020, on February 24, 2021, before market opening. A conference call will take place at 8:30 AM ET on the same day to discuss the results and answer participant questions. Overstock is known as a pioneer in e-commerce and blockchain technology, providing a wide range of home products through its platform. Investors can access the live webcast and call using specific dial-in details provided in the release.
Overstock.com (NASDAQ:OSTK) will release its fourth quarter financial results for the period ending December 31, 2020, on February 24, 2021, before market opening. A conference call is scheduled for 8:30 AM ET on the same day to discuss the results and answer questions. Overstock, an e-commerce leader in home furnishings and blockchain technology, has a significant online presence and was the first major retailer to accept cryptocurrency. The company aims to advance blockchain solutions to enhance commerce.
tZERO, a leader in financial innovation, has announced a strategic partnership with Family Office Networks (FON) to enhance access to its alternative trading system (ATS) for private investments. This collaboration connects tZERO with over 500,000 users and aims to facilitate liquidity for private market assets. The partnership is expected to attract new issuers looking for digitization solutions and will bolster FON Marketplace, which already serves 15,000 family offices and 60,000 high-net-worth investors. tZERO, a subsidiary of Overstock (NASDAQ:OSTK), focuses on democratizing access to private capital markets.
FAQ
What is Overstock.com, Inc. known for?
Why did Overstock rebrand to Bed Bath & Beyond?
What products does the new Bed Bath & Beyond offer?
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What significant achievements has the new Bed Bath & Beyond made recently?
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What is the fixed cost restructuring plan?
What is the Bed Bath & Beyond gift registry platform?
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