(ConservativeFreePress.com) – Jonathan Johnson, the CEO of Bed Bath & Beyond spoke about why Overstock.com had rebranded and what their plans are in the current economic climate.
As Johnson pointed out Overstock.com, had managed to acquire the brand’s intellectual property assets for $21.5 million following their bankruptcy. He then argued that the brand continued to be beloved which was why they had revamped and rebranded Overstock.
Johnson also stated that the new e-commerce site has 600,000 new products. These include several brand names in the bed, bath, and kitchen categories, providing more affordable options than before. Johnson argued that despite the troubles that Bed Bath & Beyond had experienced, he still believed that the company had potential and that with Overstock they would be able to create a better e-commerce retailer who would look into home furniture and accessories.
He added that many suppliers are already trying to get into business with them and that while bad management can destroy businesses, it is not capable of completely destroying brands.
Johnson further argued that they had been considering the brand for the last three years and that they were fans of the brand’s customer base. However, what they had seen was that the brand’s business model was completely outdated and that it was time for it to be modernized.
Johnson further pointed out that due to its name and branding, Overstock was often having a hard time with bringing suppliers in. This was why rebranding to the beloved brand and modernizing it is going to assist the company in its growth.
Copyright 2023, ConservativeFreePress.com
