As Overstock rechristens itself as Bed Bath & Beyond in a bid to strengthen sales, executives at the company want to distance the new brand from its namesake's failures, CEO Jonathan Johnson said in an interview with CBS MoneyWatch.
in a bid to strengthen sales, executives at the company want to distance the new brand from its namesake's failures, CEO Jonathan Johnson said in an interview with CBS MoneyWatch. , Overstock plans to relaunch the U.S. version its website under Bed Bath & Beyond's banner in"late July or early August," according to Johnson. The"revamped" website will debut alongside an updated mobile app and loyalty program.
The company's executives began eying an acquisition of Bed Bath & Beyond's brand three years ago, citing similarities between the businesses' customer bases."We loved the brand, hated the business model," Johnson said."Like all the [other] brick-and-mortars, their digital game was there, but it was not A-plus."
The acquisition could boost Overstock's sagging sales. The company's stock has risen roughly 45% since it won Bed Bath & Beyond's assets on June 22. The new Bed Bath & Beyond will also be less reliant on coupons, Johnson said, a change for many of the chain's loyal customers.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Overstock Shares Go Overboard on Bed Bath & Beyond NameHeard on the Street: Buying Bed Bath & Beyond’s name is a shrewd move but doesn’t justify the run-up in Overstock’s share price
Read more »
Search Team CEO Gets Teary Recounting Recovery of Doomed Titan Sub“I have to apologize, we are still demobilizing, there’s a lot of emotions, people are tired,” he said, choking up and fighting back tears.
Read more »
'It's Not Right:' Microsoft Employees Blast CEO Satya Nadella over Pay Freezes, Reduced BonusesInternal messages show Microsoft employees are angry with CEO Satya Nadella after he thanked them for a 'landmark' fiscal year while they deal with a pay freeze and reduced bonuses. One worker said, 'I wonder where the record profits come from? For myself, I don't feel privileged at all for working here.'
Read more »
United Airlines CEO aims to avoid flight disruptions ahead of US Fourth of July holiday travelUnited Airlines plans to make changes in flight operations to avoid weather-related disruptions ahead of the Fourth of July holiday travel, Chief Executive Officer Scott Kirby said on Saturday.
Read more »
Alef Aeronautics CEO: Our flying car is 'safer than regular cars'The price tag for this vehicle is $300,000, but the company's CEO says they are hoping to one day bring it down to $35,000.
Read more »