Overstock (NASDAQ:OSTK) stock is in the news Tuesday after the company launched the new website for Bed Bath & Beyond.
Overstock purchased the Bed Bath & Beyond name back in June after the troubled retailer filed for bankruptcy. With the launch of the new website, Bed Bath & Beyond returns to offering its staple merchandise, such as kitchen, bed, and bath products.
However, Overstock is also expanding the types of products that Bed Bath & Beyond offers. This is part of a rebrand that will see the website handle e-commerce for the company, which is excited about rebranding into a more well-known consumer name.
Jonathan Johnson, CEO of Bed Bath & Beyond, said this about that rebranding:
“Overstock has a great business model with a name that does not reflect its focus on home. Bed Bath & Beyond is a much-loved and well-known consumer brand, which had an outdated business model that needed modernizing. Through this rebranding, we’re breathing new life into Bed Bath & Beyond, positioning it as an asset-light, ecommerce retailer with an expanded home furnishings and furniture assortment.”
What This Means for OSTK Stock
With this rebranding, Overstock is gaining new opportunities with its business. The company notes that the new name allows it access to a wider group of sellers. Previously, some companies didn’t want their products associated with the Overstock branding.
OSTK stock is down 3% as of Tuesday morning.
Investors can find more of the latest stock market news ready to go below!
We have all of the biggest stock market stories that traders need to know about on Tuesday! A few examples of that include why shares of Nikola (NASDAQ:NKLA) stock, Palantir (NYSE:PLTR) stock, and SoFi Technologies (NASDAQ:SOFI) stock are moving today. All of that news is ready at the following links!
More Stock Market News for Tuesday
- NKLA Stock Alert: The $16.3 Million Reason Nikola Is Up Today
- PLTR Stock Alert: Palantir Scores New Work With Department of Defense
- SOFI Stock Alert: SoFi Drops on Analyst Downgrade
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
