Bed Bath & Beyond Is Already Returning—But There’s a Catch
Do not name it a comeback. In January, Mattress Bathtub & Past warned that it had “substantial doubt” about its future due to money owed it couldn’t repay, and in April, the corporate declared chapter and introduced that it might be closing all of its shops. However whereas the sluggish decline appeared to be reaching its inevitable finish level, the model is now gearing up for a stunning return—with a catch, in fact. Learn on to learn the way you’ll begin purchasing at Mattress Bathtub & Past once more.
READ THIS NEXT: Mattress Bathtub & Past Shopper Slams “Rip-off” Closing Gross sales: “Greenback Tree Vibes.”
In late April, Mattress Bathtub & Past Inc. introduced that it had filed for Chapter 11 chapter within the U.S. District Courtroom of New Jersey, and could be shutting down fully consequently.
“Thanks to all of our loyal prospects. Now we have made the tough determination to start winding down our operations,” the homepage of Mattress Bathtub & Past’s web site states.
On the time of its submitting, the corporate nonetheless had 475 brick-and-mortar shops within the U.S. These places, which embody 360 Mattress Bathtub & Past shops and 120 buybuy Child shops, are nonetheless open to the general public and are at the moment holding closing gross sales for purchasers.
“We encourage you to buy our shops commonly as new merchandise continues to reach at places throughout the U.S. and markdowns proceed to develop,” the retailer’s FAQ part reads. “All merchandise is on sale and at the moment as much as 50 % off. All the things should go!”
This is probably not the tip, nonetheless—a minimum of not of the Mattress Bathtub & Past title.
Ever since Mattress Bathtub & Past introduced its closing plans, corporations have been battling to capitalize on what the retailer is abandoning—whether or not by signing leases on its outdated retail areas or by accepting its expired coupons from prospects, The New York Instances reported.
Now, it is the model title. On June 22, courtroom filings revealed that Overstock.com had gained the proper to accumulate Mattress Bathtub & Past’s property—together with the title, per the NYT.
The web furnishings market had bid $21.5 million to get the retailer’s mental property, enterprise knowledge, rights to cellular apps, and sure contracts, Julie Strider, a Mattress Bathtub & Past spokeswoman, advised the NYT in an announcement.
“Following completion of the court-approved public sale course of and in session with the official committee of unsecured collectors, Mattress Bathtub & Past Inc. has chosen a proposal from Overstock.com because the profitable bidder,” Strider stated.
RELATED:
For extra up-to-date data, join our
day by day e-newsletter.
The web furniture-based firm is planning to retire the Overstock.com title and rebrand as Mattress Bathtub & Past after buying the retailer’s property, the Related Press reported. Overstock’s CEO Jonathan Johnson advised the information outlet that the corporate could contemplate altering its company title completely to Mattress Bathtub & Past as nicely, however isn’t but able to make that call.
“This acquisition is a big and transformative step for us,” Johnson stated in a June 28 press launch assertion. “Mattress Bathtub & Past is an iconic shopper model, well-known within the residence retail market. The mix of our profitable asset-light enterprise mannequin and the excessive consciousness and loyalty of the Mattress Bathtub & Past model will enhance the shopper expertise and place the corporate for accelerated market share progress.”
Greatest Life reached out to each Mattress Bathtub & Past and Overstock in regards to the acquisition and rebrand, however has not but heard again.
This rebrand will not carry Mattress Bathtub & Past’s shops again to buyers, nonetheless. As Reuters defined, Overstock selected to not bid on the retailer’s remaining places or stock—opting to stay an online-only retailer, with a brand new (however acquainted) title.
“A possibility arose in chapter to get the items that we cherished and never have them burdened by the issues we did not like,” Johnson advised Reuters. “We have lengthy preferred the Mattress Bathtub and Past title, however we did not just like the shops, the stock, so do not anticipate shops from us.”
The web transformation will begin in Canada, as Overstock will relaunch the Mattress Bathtub & Past area there inside the subsequent week, in keeping with its June 28 launch. Then in August, the corporate will relaunch its web site and cellular app as Mattress Bathtub & Past within the U.S., AP reported. If you happen to go to overstock.com after that, you’ll robotically be redirected to bedbathandbeyond.com.
“Combining the strengths of the Overstock operational mannequin and the Mattress Bathtub & Past model will create a robust synergy,” Johnson stated in his assertion. “I am excited for shoppers to expertise the brand new Mattress Bathtub and a fair greater and higher Past.”