Free Newsletter5 months that changed everything for Overstock/Bed Bath & Beyond – and its ousted CEO
Jennifer Marks //Editor in Chief//November 7, 2023
Midvale, Utah – It’s been wild ride since June 6, when word leaked that Overstock was eying BBB’s assets, to Nov. 6, when CEO Jonathan Johnson ended his tenure at the company.
Here’s a quick look at how it all played out.
June 6
Wall Street Journal reports Overstock is eyeing Bed Bath & Beyond
Just 8 days ahead of the bidding deadline for BBB’s assets, Overstock is kicking the tires. Months earlier, Overstock phased out of all non-home categories to position itself as a purveyor of home furnishings and furniture at low prices.
June 13
Overstock swings in with stalking horse bid for Bed Bath & Beyond
With the legacy Bed Bath & Beyond Inc. company assets up for sale in bankruptcy court, the home furnishings e-commerce specialist steps up with an offer of $21.5 million in cash.
June 14
Bed Bath & Beyond Inc. files its final annual report
The company’s report for the fiscal year ended Feb. 25 reveals gross profit tumbled 50% as $2.52 billion in sales volume bled away from the top line.
June 27
Overstock buys Bed Bath, begins rebranding
Overstock completes its acquisition of BBB’s intellectual property for $21.5 million in cash. Relaunches the BBB site in Canada immediately and announces the U.S. relaunch with soon follow.
July 11
Overstock says it will go all-in on the Bed Bath & Beyond brand
Overstock CEO Jonathan Johnson says Overstock brand will sunset in the fourth quarter as the company gears up its e-commerce operations under the Bed Bath & Beyond banner.
July 27
Overstock reports tough Q2 results
While repositioning itself as Bed Bath & Beyond/Overstock, the transitioning company continues to navigate choppy waters.
August 1
Overstock relaunches in the U.S. as Bed Bath & Beyond
“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 Bed Bath & Beyond is a much-loved and well-known consumer brand, which had an outdated business model that needed modernizing,” said Johnson.
August 25
New customers surge to revamped Bed Bath & Beyond/Overstock site
Overstock added nearly 60% more visitors year over year seven days after the new site launched, according to data from Earnest Analytics.
September 7
All those new customers aren’t quite moving the needle on the top line
In a preview of its Q3 sales, Overstock says between July 1 and September 7 revenue declined in the mid-teens on a year-over-year basis. That includes a low-double-digit percent decline year-over-year since the U.S. launch.
October 4
Overstock board brings on celebrity “turnaround king” to assist with Bed Bath reinvention
Marcus Lemonis, best known as the star CNBC’s multi-season show “The Profit,” joins Overstock’s board as an independent director. Johnson says he expects to work closely with him as Lemonis “takes a bigger and more meaningful role on the board.”
October 16
Hedge fund JAT Capital Management pushes for changes at Overstock
The fund, which owns a 9.1% stake in the company, publicizes its suggestions for an Overstock overhaul in a regulatory filing with SEC yesterday afternoon.
October 25
Overstock steps Beyond its past in corporate rebrand
The company announces it will change its corporate identity to Beyond Inc. on Nov. 6 and will move from Nasdaq to the New York Stock Exchange with ticker symbol BYON on the same date.
October 26
Overstock’s Q3 results miss the mark
Johnson stresses that the business is still in the early stages of capitalizing on its transition to Bed Bath & Beyond.
October 26
The “new” Bed Beyond & Beyond company says it will reanimate the legacy Overstock business
During the Q3 investor call, the company says it will relaunch Overstock.com as a separate platform offering a cross-category assortment of liquidation merchandise.
November 2
Hedge fund publicly calls for CEO ouster
In a letter to the company’s board of directors that was made public on Nov. 3, JAT Capital blamed now-departed CEO Johnson for the company’s lethargic financial performance and urged that he be removed “immediately.”
November 6
The newly rebranded Beyond Inc. announces CEO is leaving the company
Johnson steps down as chief executive officer and a member of the board of directors, closing out a 21-year career with the company formerly known as Overstock. Board makes president David Nielsen interim CEO.
