As a complement to its Bed Bath & Beyond business and in an appeal to the off-price-oriented consumer, Beyond has announced the official grand reopening of the Overstock operation. The operation returns to the original brand positioning focused on closeouts, liquidation, factory direct and reverse logistics merchandise.
The new Overstock.com will mix both new and legacy product categories in its assortment, Beyond stated. The site will feature millions of products across categories ranging from indoor and outdoor furniture, storage and organization, home decor, home improvement, lighting, rugs and luggage to apparel and footwear, jewelry and watches, sports and entertainment collectibles, kids and baby, and pet. The broad assortment includes a wide range of housewares. At its grand reopening, the Overstock landing page features factory direct, closeout and “Deal Dash” bargains.
After reconstituting the Overstock site and positioning it as a home and housewares destination under the Bed Bath & Beyond banner, the parent company determined that a closeout-style operation would be a solid complement and leverage the Overstock brand. Beyond later acquired Zulily to further extend its capacity to attract and serve consumers. According to the company, a soft opening period suggested that Overstock is getting a solid reception.
“As you visit the site today, it’s clear that we’re not just rebuilding legacy Overstock, but expanding the total offering into the vast white space that exists through categories including excess and distressed inventory,” said Dave Nielsen, Beyond. “I am encouraged by our accelerating revenue run-rate in our first 90 days and see growth potential.”
Beyond executive chairman Marcus Lemonis added that the new Overstock is based on the brand’s early approach to the market and would bring more to the table:
“It is our plan to ultimately penetrate multiple industries where we know there is a tremendous need to bring buyers and sellers together for a true win-win. We believe that our company can be an online leader, helping manufacturers, retailers, distributors, and lenders solve complex inventory problems in order to generate cash and improve their own profitability while creating a frequently visited, value-centric destination for consumers. This isn’t just about relaunching Overstock but rather reimagining its significant possibilities. We will continue to establish partnerships and joint ventures to create product and deal flow, as well as unique ways to monetize the Overstock brand.”
