Overstock.com up on buying Bed Bath & Beyond brand, intellectual property

Bed Bath & Beyond

28/06/2023 22:21

** Shares of online retailer Overstock.com  OSTK.O  rise
4.5% to $26.69 in extended trading
    ** Co completes $21.5 mln acquisition of certain
intellectual property assets of Bed Bath & Beyond under the
bankruptcy court process
    ** Plans of transitioning to single Bed Bath & Beyond domain
for home products 
    ** Says within next few weeks, it plans to re-launch the Bed
Bath & Beyond domain in Canada, followed weeks later by the
re-launch of a refreshed website, mobile app, and loyalty
program in the United States
    ** Bed Bath & Beyond assets acquired include website and
domain names, trademarks, tradenames, patents, customer
database, loyalty program data and other brand assets related to
the Bed Bath & Beyond banner
    ** On Tuesday, a U.S. bankruptcy judge approved Overstock's
$21.5 mln purchase of Bed Bath & Beyond's brand name,
intellectual property and ecommerce platform
    ** Up to Wednesday's close, stock had risen 32% YTD

 (Reporting by Granth Vanaik in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com; Twitter: https://twitter.com/Vanaik_Granth;))