Bed Bath & Beyond returns online after Overstock rebranding

Bed Bath & Beyond is back.

Overstock, the popular online furniture and home retail store, is rebranding itself under the name after winning a $21.5 million auction for Bed Bath & Beyond’s intellectual property.

On Wednesday, Overstock announced in a press release it completed the acquisition process, which includes the Bed Bath and Beyond brand, customer database, and website domain among other intellectual property. Overstock will also rebrand its loyalty program and transition to the Bed Bath & Beyond domain.

“Bed Bath & Beyond is an iconic consumer brand, well-known in the home retail marketplace. The combination of our winning asset-light business model and the high awareness and loyalty of the Bed Bath & Beyond brand will improve the customer experience and position the company for accelerated market share growth, said Jonathan Johnson, chief executive officer of Overstock.

Why did Overstock.com change its name?

In a Thursday call with investors detailing the acquisition, Johnson said he'd been asked multiple times to change the company's name.

“We knew the Overstock name reflected our prior liquidation model and that it did not align with the type of products we now sell,” Johnson said. “We are not a liquidator and have not been one for 20 years. We offer quality, new, on-trend product at smart value.”

And the brand's transition to home products was difficult, because the Overstock name restricted its ability to attract customers who either "expected deep liquidation prices" or still thought Overstock was a general merchandise retailer.

Upcoming Bed Bath & Beyond launch

Johnson said the company will continue to operate the stores online.

The brand will launch in Canada next month, with a plan to launch the website and app in the United States in August and September, just in time for Labor Day, Johnson said.

It also will rebrand Overstock's Club O loyalty program, which will now be "Welcome Rewards" and continue to offer 5% rewards dollars on purchases.

“I’m excited for consumers to experience the new Bed Bath and an even bigger and better Beyond,” Johnson said.

The Overstock domain will redirect traffic to the new Bed Bath & Beyond website, and the company hopes to sunset the Overstock name for good by the end of 2023.

Overstock.com's winning bid: Overstock.com wins Bed Bath & Beyond assets with $21.5M bid

This article originally appeared on USA TODAY: Overstock rebrands as Bed Bath & Beyond, to sell online only