Overstock's plan to adopt Bed Bath & Beyond's name online could lead to big sales gains, one analyst said.
Since Overstock.com Inc. transformed itself from a liquidator into an online furniture retailer, Chief Executive Jonathan Johnson has said he’s been asked repeatedly why the company hasn’t changed its name. Thanks to a deal announced Wednesday, the company on Thursday finally delivered on that sought-after name change, albeit to the name of a company that just filed for bankruptcy: Bed Bath & Beyond.
“As Overstock OSTK transitions to the well-known Bed Bath & Beyond name, it can potentially double its revenues over time,” Wedbush analyst Michael Pachter said in a research note on Thursday. During a conference call on Thursday, Johnson said the company planned to “create a single online shopping destination branded as Bed Bath & Beyond” where customers would be able to purchase furniture and home decor. He added that Overstock would begin to “begin to sunset the Overstock name across all customer-facing platforms” in the months ahead.
E-commerce demand has slowed following the pandemic’s digital-shopping boom and surging prices for necessities over the past year. Competition is still stiff, and Amazon.com Inc.’s Prime Day as well as big discount days from other retailers are set for next month.
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