Overstock.com CEO Jonathan Johnson joined Cheddar News after a bankruptcy court approved its purchase of Bed Bath & Beyond's digital and IP assets. Johnson looked ahead to what consumers can expect as those assets are absorbed into Overstock.com and what lies ahead overall.

<div class="block">Overstock.com CEO Jonathan Johnson joined Cheddar News after a bankruptcy court approved its purchase of Bed Bath &amp; Beyond&#39;s digital and IP assets. Johnson looked ahead to what consumers can expect as those assets are absorbed into Overstock.com and what lies ahead overall.</div>

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Overstock.com CEO on Bed Bath & Beyond Deal and What Lies Ahead

Earlier this week, a US bankruptcy court judge approved the sale of bed bath and beyond intellectual property to overstaff dot com, an online retailer. Well, joining me now is the CEO of overstaff dot com. Jonathan Johnson. Jonathan, congratulations on the deal. What does this mean for customers? Well, thank you very much. I think it's great news for customers. It one it saves an iconic brand with bath and beyond and I think they'll see lots of bad, lots of bad and even more beyond as Overstock brings the online offering its online offering to the bed bath and beyond domain name. Why did this make sense for your company? You know, we've morphed over the last couple of years to be 100% home company. The name Overstock, I think was creating some headwind as people associated us with liquidation goods or something else. This I think will be a better name to truly represent what we are. We're an online home furnishings and furniture company and bed bath and beyond says just that your company to be clear is renaming Overstock dot com to Bed Bath and beyond dot com is the expectation Jonathan that that will bring in more shoppers. We think it will uh bed bath and beyond has a lot more active customers than Overstock did. So when we make that switch at the beginning of August, we do expect more customers. We expect our Overstock customers to find a familiar site and bed bath and beyond customers to find a site that just offers more product with even better deals. And yes, sir. I was gonna ask how the shopper experience changes in the wake of this. There are a lot of deal hungry customers out there. Jonathan. Well, our stock has always been a high low retailer with site sales and coupons just like bed bath and beyond has. So I think our customers can expect to continue to see that the coupons might not be as big, but that's because our base prices are generally more competitive. So I think you'll see a lot of great products. The customer service will be excellent and will be, will be morphing our loyalty program, the club loyalty program into bed bath. Welcome rewards program. So there will be a lot of reasons for customers to shop at the new bed bath and beyond dot com. What should customers expect when it comes to prices? Prices will be really, really sharp, smart value is the name of the game. And I think what they'll see is good prices and a broader, more deep selection of products than they're used to. So, customers I think should know that your purchase was not the physical storefront of bed bath and beyond. Rather that online IP that you're integrating into the new bed bath and beyond dot com. Why did you not want to buy the stores? You know, we really like our business model which is Asset Light. We don't, we're just an e commerce company. We don't have brick and mortar stores. We think the market continues to move toward e commerce. And when we looked at the bed bath and beyond company model, we thought the stores were largely what was weighing it down. Its brand name is fantastic. Customers have a strong affinity toward it. It's got a strong home presence and so our strong business model and combining it with the bed bath, the iconic bed bath and beyond brand, we think makes for a winning business for us. Bye bye baby. A very popular brand in and of itself. Jonathan, not part of this deal. Why is that? Uh it's a little bye bye baby is a little different than the business that we run. We're really focused on uh home. Uh We're not in the apparel space. So uh we like the bed bath and beyond brand because it who we are and what a dance, who we are. We think someone else will take. Bye bye baby and do something great with it. But for us, it's bed bath and beyond your stock is publicly traded. So I have to ask down here on the floor of the New York Stock Exchange. What do investors need to know? Investors need to know that this was, this was possible because we had 12 consecutive quarters of profit where we have a strong and healthy balance sheet. The reason we were able to take advantage of this opportunity, really seize a unique opportunity is because we minded our balance sheet and it's still strong. It's still there to take advantages of good opportunity, whether that's in the retail space or elsewhere. All right, Jonathan Johnson, CEO of Overstock dot com, in the wake of the deal for bed bath and beyond intellectual property. Jonathan. Thank you.