The parent company of Overstock, BuyBuy Baby, and Bed, Bath & Beyond has announced plans to open four new Overstock stores on a call with analysts.
Beyond’s plans follow a strategic review of the business operations.
Marcus Lemonis, Beyond’s executive chairman and Principal Executive Officer said on the call, “We have made the decision that we’re gonna open up at least four Overstock stores geographically placed so both at our vendors and our customers can ship product to and return product to in a more efficient manner, which over time will improve our financial performance primarily through margin improvement and returns.”
Additionally, the company plans to pilot a new store format for BuyBuy Baby, which it acquired in February for $5 million.
The speciality baby products retailer previously filed for bankruptcy in 2023 after struggling to maintain profitability amid debts and rising competition.
However, Beyond is not planning a multi-store expansion strategy for the brands under its portfolio.
Lemonis added, “We want our dollars to be spent on technology, investing in the customer experience, figuring out how to exploit and get more out of our blockchain assets, and looking to acquire other valuable IP in the same family and home space.”
The company also announced plans earlier this year to return Bed, Bath & Beyond to brick-and-mortar by teaming up with Kirklands as its exclusive seller.
Beyond has rebranded the retailer to Bed Bath & Beyond Home and the new location will feature small furniture pieces, a little bit more textiles, a little bit more décor,” according to Lemonis and will be a different format from the previously opened locations.
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