Beyond Inc., the Murray-based company that started life as Overstock.com Inc. and adopted the Beyond moniker with its acquisition of bankrupt Bed, Bath & Beyond two years ago, has decided to use the well-known brand’s value and rename its corporate entity.
Beginning Aug. 29, the company will become Bed, Bath & Beyond Inc. and change its common stock symbol to BBBY on the New York Stock Exchange.
In addition to the Bed Bath & Beyond brand, the company owns Overstock, buybuy BABY and a blockchain asset portfolio.
“Our name change is highlighting one of the most valuable pieces of intellectual property that investors and consumers know today and does not change our intense focus on growing revenue, achieving profitability in the near term, and monetizing valuable blockchain assets,” said Marcus Lemonis, executive chairman and principal executive officer. “We remain laser-focused on growing the Bed Bath & Beyond brand, building Overstock.com back to a billion-dollar nameplate, and unlocking value within our blockchain assets, particularly tZero and GrainChain.”
“Accelerating growth and profitability for the Bed Bath & Beyond brand requires capital allocation discipline, increased use of data science, improvements in our asset-light BedBathBeyond.com platform, and the return of some of America’s most trusted consumer brands to its omnichannel offering,” said Lemonis.
The Bed Bath & Beyond comeback is underway with its first store conversion in Nashville, Tennessee, which has experienced significant traffic and revenue alongside nationwide media coverage with a minimal capital investment, Lemonis said. Over the next 24 months, the company plans to convert additional Kirkland’s locations into small- to midsize format Bed Bath & Beyond and buybuy BABY stores and will continue to accept Bed Bath & Beyond coupons, no matter how old, both online and in-store.
Beyond Inc. will continue to trade on the NYSE with ticker symbol BYON until the close of market on Aug. 28 and will begin trading with ticker symbol BBBY when markets open on Aug. 29. No action is required by existing shareholders with respect to the name and ticker symbol change.