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☆ Bed Bath & Beyond owner to lay off 20% of its workforce
▼ + stars: | 2024-10-24 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Bed Bath & Beyond's owner said in a regulatory filing that it will cut one-fifth of its workforce. AdvertisementThe parent company of Bed Bath & Beyond plans to lay off one-fifth of its workforce in a move to save $20 million per year. AdvertisementEarlier in the week, Beyond and Kirkland's Home announced a $25 million deal to open small-format, 15,000 square-foot "neighborhood" Bed Bath & Beyond locations across the US. Related storiesThe $21.5 million deal covered trademarks, internal business data, and e-commerce platforms, including websites and mobile apps, but no physical stores or inventory. The company said at the time that the additional Bed Bath & Beyond loyalty program shoppers tripled Overstock's existing customer base.

Persons: —, Adrianne Lee, Dave Nielsen, Overstock, Dominick Organizations: Inc, Service, Bed, Kirkland's, Business Locations: Utah

☆ The new Bed Bath & Beyond's CEO is out, days after activist firm called for his ouster
▼ + stars: | 2023-11-06 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

The new Bed Bath & Beyond announced Monday its CEO, Jonathan Johnson, is immediately stepping down from his position just days after activist hedge fund JAT Capital called for his ouster. He led the company through its acquisition of Bed Bath & Beyond earlier this year and its corporate name change to Beyond Inc. , which took effect Monday. David Nielsen, Beyond's president and a former Payless ShoeSource executive, has taken over as interim CEO while the board undergoes a search for a permanent candidate. Beyond said Johnson's departure "follows mutual agreement" between him and the board to transition the company to new leadership, but the move came on suddenly. The company and Johnson didn't immediately return a request for comment seeking additional information.

Persons: Jonathan Johnson, Johnson, JAT, Marcus Lemonis, David Nielsen, Jonathan, Allison Abraham, Beyond's, Johnson didn't, Patrick Byrne Organizations: Bed, Inc, CNBC PRO Locations: JAT, CNBC's, New York, Russian

☆ Hedge fund JAT calls on Overstock.com to replace CEO - filing
▼ + stars: | 2023-11-03 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

NEW YORK, Nov 3 (Reuters) - Hedge fund JAT Capital urged the board of internet retailer Overstock.com (OSTK.O) to replace the company's chief executive officer, arguing that Jonathan E. Johnson III is to blame for poor financial performance. JAT, run by John Thaler, owns a 9.6% stake in Overstock.com, and is stepping up pressure, having called on the company in October to consider selling certain assets and to overhaul management compensation. "The current CEO needs to be removed immediately," JAT wrote to the board in a letter dated Nov. 2 and made public in a regulatory filing on Friday. Thaler, who wrote the letter just days before Overstock.com's analyst day on Monday, proposed that businessman and television personality Marcus Lemonis, who joined the Overstock.com board last month, should become CEO. Overstock's stock price climbed nearly 3% on Friday but has lost 23% in the last 52 weeks.

Persons: Jonathan E, Johnson, John Thaler, JAT, Thaler, Marcus Lemonis, Lemonis, Svea Herbst, Bayliss, Louise Heavens Organizations: Capital, Bed, Svea, Thomson Locations: Overstock.com

☆ Hedge fund JAT pushes Overstock.com to mull options -filing
▼ + stars: | 2023-10-16 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +1 min

NEW YORK, Oct 16 (Reuters) - Hedge fund JAT Capital on Monday urged Overstock.com (OSTK.O) to consider selling certain assets and overhauling its management and compensation, warning it may seek board seats if its suggestions are ignored, a regulatory filing on Monday showed. The hedge fund, run by John Thaler, owns a 9.1% stake in Overstock.com, and made its demands public in the filing after sending a letter outlining its wishes to the company last week. JAT is not traditionally an activist investor but its filing signaled mounting frustration with the company and left open the option of pursuing strategies like running a proxy contest. JAT also wants the company to emphasize stock option participation and develop a business plan with financial objectives, the filing said. "The Reporting Persons may consider to seek Board representation to the extent the above recommendations have not been explored, pursued and executed satisfactorily."

Persons: Overstock.com, John Thaler, JAT, Svea Herbst, Bayliss, Richard Chang Organizations: Bed, Svea, Thomson Locations: Overstock.com

☆ Customers have money to spend but are being more careful with it: Overstock CEO Jonathan Johnson
▼ + stars: | 2023-08-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCustomers have money to spend but are being more careful with it: Overstock CEO Jonathan JohnsonJonathan Johnson, Overstock CEO, joins 'Last Call' to talk Overstock's acquisition of Bed Bath and Beyond, the state of the consumer and more.

Persons: Jonathan Johnson Jonathan Johnson Organizations: Bed Locations: Bed Bath

☆ As the new Bed Bath & Beyond launches, here's what shoppers can expect
▼ + stars: | 2023-08-01 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

"So the customer can expect a breadth and depth of products they haven't seen before." The strategy behind the rebrandOverstock acquired Bed Bath & Beyond because of the retailer's strong branding and cult-like following in the hopes it could revive its top and bottom lines. "We're self aware enough to know that nobody, not even my children, would put 'registered at Overstock.com' on their wedding announcement, baby announcements, but they will put 'registered at Bed Bath & Beyond' on both those announcements. But he noted Overstock's launch of Bed Bath & Beyond in Canada has so far been positive. "The Canadian customer is eager to buy from Bed Bath & Beyond.

Persons: we've, Jonathan Johnson, Overstock, Johnson Organizations: CNBC, Bed, didn't Locations: Canada, U.S

☆ Bed Bath & Beyond stores are gone, but its new website and app are brimming with discounts
▼ + stars: | 2023-08-01 | by ( Grace Mayer | ) www.businessinsider.com time to read: +3 min

Overstock has launched a new Bed Bath & Beyond website and app. E-commerce site Overstock — I mean, Bed Bath & Beyond — has just launched new versions of the home goods brand's website and app. And both are brimming with discounts, a staple of the Bed Bath and Beyond shopping experience. And on the Bed Bath & Beyond app, I received a 25% off welcome coupon just for downloading the app. And Bed Bath & Beyond members will receive $50 in reward points, coupons, and a membership for the company's new rewards program.

Persons: Overstock, —, Johnson Organizations: Bed, Service, CNBC, Products Locations: Wall, Silicon, Overstock's

☆ Overstock acquires Bed Bath & Beyond's intellectual property for $21.5M
▼ + stars: | 2023-06-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOverstock acquires Bed Bath & Beyond's intellectual property for $21.5MOverstock CEO Jonathan Johnson joins 'The Exchange' to discuss Overstock's acquisition of Bed Bath & Beyond, Overstock's adoption of Bed Bath & Beyond's name and brand identity, and the evolutionary trajectory of Overstock.com.

Persons: Jonathan Johnson Organizations: Bed

☆ Online retailer Overstock rebranding as Bed Bath & Beyond
▼ + stars: | 2023-06-29 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

"We've long liked the Bed Bath and Beyond name, but we didn't like the stores, the inventory, so don't expect stores from us." Before the Bed Bath & Beyond bankruptcy, Overstock thought that a rebrand would take years and potentially hundreds of millions of dollars, according to Johnson. Instead, Overstock company was able to buy Bed Bath & Beyond's name and customer data for $21.5 million at a bankruptcy auction. Overstock already has a new Bed Bath & Beyond website in Canada, and it plans to go live with a U.S. website in August. Once a storied retailer, Bed Bath & Beyond filed for Chapter 11 bankruptcy protection in April after struggling for years with dwindling sales and a failed merchandising strategy.

Persons: Overstock.com, Jonathan Johnson, Johnson, Overstock, they'll, Dietrich Knauth, Granth, Richard Chang, Maju Samuel Organizations: YORK, Bed, Industries, Thomson, & ' $ Locations: Canada, U.S, New Jersey, Bengaluru

☆ Overstock's CEO explains why the surprise decision to rename the brand after bankrupt Bed Bath & Beyond is actually a brilliant move
▼ + stars: | 2023-06-29 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Overstock.com acquired Bed Bath & Beyond's brand and digital assets for $21.5 million. CEO Jonathan Johnson said the 20-year-old Overstock brand was overdue for an overhaul. Bed Bath & Beyond's Canadian website has already been refreshed with the names of both brands. The Bed Bath & Beyond brand we think will be such a brand." Johnson said the additional Bed Bath & Beyond shoppers — who accounted for more than $1 billion in sales last year — will triple Overstock's existing customer base.

Persons: Overstock.com, Jonathan Johnson, —, Johnson, Neil Saunders, Overstock, Saunders Organizations: Service, Beyond's, Bed, —

Overstock.com is going all in on failed retailer Bed Bath & Beyond. It will relaunch the Bed Bath & Beyond website in Canada within the next week, followed by a rollout of a website, mobile app and loyalty program in the U.S. "weeks later." "Bed Bath & Beyond is an iconic consumer brand, well-known in the home retail marketplace," Overstock CEO Jonathan Johnson said in a statement. Overstock will not acquire any brick-and-mortar Bed Bath stores as part of the deal. A number of bidders have expressed interest in Buy Buy Baby's stores but it remains unclear if any will be bought and kept open.

Persons: Overstock, Jonathan Johnson Organizations: United Parcel Service, Bed Locations: Salt Lake City , Utah, Overstock.com, Canada, U.S

☆ US judge approves Overstock's $21.5 mln Bed Bath & Beyond purchase
▼ + stars: | 2023-06-27 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

NEW YORK, June 27 (Reuters) - A U.S. bankruptcy judge on Tuesday approved Overstock.com's $21.5 million purchase of Bed Bath & Beyond's brand name, intellectual property and ecommerce platform. Overstock emerged as the winning bidder for the company's intellectual property in a deal worth $21.5 million, court filings showed on Thursday. Bed Bath & Beyond stores and inventory are not part of the deal. Bed Bath & Beyond is hosting a separate auction starting tomorrow for its Buy Buy Baby chain, which sells products for infants and toddlers. The Buy Buy Baby assets have attracted interest from investment firms Go Global Retail and Sixth Street Partners, according to media reports.

Persons: Vincent Papalia, Emily Geier, Dietrich Knauth, Alexia Garamfalvi Organizations: YORK, Bed, Go Global, Sixth Street Partners, Thomson Locations: Newark , New Jersey

☆ Overstock.com wins auction for Bed Bath & Beyond's intellectual property, digital assets
▼ + stars: | 2023-06-22 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

Signage is displayed outside a permanently closed Bed Bath & Beyond retail store in Hawthorne, California, on May 1, 2023. Bed Bath & Beyond will live on in name only after Overstock.com won an auction for the failed home goods retailer's intellectual property and digital assets, according to court records filed early Thursday. In a rare move, Bed Bath chose to run a separate sale process for its Buy Buy Baby chain, considered the crown jewel of its assets. Buy Buy Baby assets garnered interest from buyers even before Bed Bath filed for bankruptcy in April. The auction for Buy Buy Baby's assets is slated to take place on Wednesday.

Persons: Overstock.com, Overstock, JOWA Brands Organizations: JOWA, Bed, CNBC Locations: Hawthorne , California

☆ Bed Bath & Beyond poised to join the list of 'zombie brands' like Radio Shack and Toys R Us
▼ + stars: | 2023-06-22 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Bed Bath & Beyond has reached a deal to sell its primary brand assets to Overstock for $21.5 million. The agreement covers trademarks, business data, and e-commerce sites, but not stores or inventory. The sale will make the former housewares giant the latest retail "zombie brand." A shuttered Bed Bath & Beyond store in suburban Detroit. The survival of Bed Bath & Beyond on paper and online will make it the latest retail "zombie brand" — a list that includes former industry titans like Radio Shack, Lord & Taylor, and Toys R Us, whose new owners aim to cash in on the label's established credibility with customers.

Persons: —, Overstock.com, Leslie J, Allen, Taylor Organizations: Service, Bed, titans, Radio, New York Times, & $ Locations: New Jersey, Detroit

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